Japan Q2 GDP growth beats expectations
By Frank Prenesti
Date: Tuesday 15 Aug 2023
(Sharecast News) - Japan's economy expanded for the third quarter in a row driven by growth in exports on the back of a weak yen, according to provisional data published on Tuesday.
The economy grew 6% on an annual basis in the second quarter, beating expectations of 3.1% growth in the April-June quarter. A fall in the value of the yen helped exporters as Japanese-made goods became cheaper for consumers around the world.
GDP grew 1.5% quarter on quarter, almost twice the 0.8% expected by economists.
Exports grew 3.2% in the second quarter with car sales providing a boost as post-Covid-pandemic supply chain disruption eased, and inbound tourism, whose contribution to GDP is included in net export figures, returned to more than two-thirds of pre-pandemic levels, officials said.
Reporting by Frank Prenesti for Sharecast.com
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