Japan’s Economic Revision Shows 3.5% GDP Growth in 2Q22

Japan’s economy expanded more than initially reported in the second quarter of this year after lifting several Covid-19 restrictions to boost consumption and business spending in the country.

Gross domestic product (GDP) in Japan grew 3.5% in the second quarter, the final data showed on Thursday, indicating a huge jump from the preliminary estimate of annualised 2.2% growth.

The world’s third largest economy saw its economy moving forward for the third consecutive quarter after a 0.2% growth in 1Q22 and a 3.90% growth in 4Q21. The figure was also higher than a consensus for a 2.9% increase.