EWJ - Japan's Q2 GDP growth exceeds forecasts shows export recovery weak domestic demand
2023-08-15 01:44:24 ET
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The Japanese economy advanced 1.5% Q/Q in Q2 of 2023 2023, beating market forecasts of a 0.8% rise and accelerating from an upwardly revised 0.9% growth in Q1, preliminary data showed.
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This marks the second straight quarter of expansion and the fastest pace since Q4 of 2020, boosted by a positive contribution from net trade as exports rebounded (3.2% vs -3.8%) while imports fell for the third quarter in a row (-4.3% vs -2.3%).
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The economy expanded 1.1% last year, slowing from a 2.1% rise in 2021 due to lingering global headwinds.
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On an annualized basis during the second quarter of 2023, the Japanese economy grew by 6.0%, much stronger than an upwardly revised 3.7% expansion in the prior period, easily topping market expectations of a 3.1% increase, a preliminary figure showed.
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Meantime, government spending expanded further amid sluggish business investment and a drop in private consumption.
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Now read: Japan producer prices rise 3.6%, the least in over two years ; Japan services PMI revised slightly lower at 53.8 in July
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Japan's Q2 GDP growth exceeds forecasts shows export recovery, weak domestic demand