Japan’s April-June GDP growth revised down to annualized real 2.9%

Japan’s economy grew an annualized real 2.9 percent in the April-June quarter, revised down from an initially reported 3.1 percent, as private consumption and capital spending were not as high as previously thought, the Cabinet Office said Monday.

Despite the downward revision, the figure marked the first growth in two quarters as the negative impact of a safety data-rigging scandal in the auto sector eased, supporting key GDP components.

Real gross domestic product, adjusted for inflation, grew 0.7 percent from the previous quarter, compared with the preliminary reading of 0.8 percent.

GDP is the total value of goods and services produced in a country.

Capital investment, reported earlier as an increase of 0.9 percent, expanded 0.8 percent in the April-June term, reflecting improved corporate activity and acute labor shortages.

Private consumption, which accounts for more than half of GDP, increased 0.9 percent, revised down from 1.0 percent, supported by the resumption of auto production at a Toyota Motor Corp. group firm and strong demand for clothing and other items.

According to the Cabinet Office, exports climbed 1.5 percent, upwardly revised from 1.4 percent, helped by auto shipments.

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