(MENAFN- Kuwait News Agency (KUNA)) Japan's economy shrank less than initially estimated in the April-June period, thanks to better personal consumption and private inventories, but confirmed the first decline in three quarters, the government said Tuesday.
The world's No. 3 economy's gross domestic product (GDP) contracted at an annual 1.2 percent pace in the second quarter, revised upward from a preliminary figure of 1.6 percent released last month, according to the Cabinet Office. The contraction followed a revised 4.5 percent annualized rise in the first quarter. On a quarterly basis, GDP shrank 0.3 percent in the three months ended June 30 from the previous quarter, revising upward an initial reading of 0.4 percent contraction. Personal consumption, which accounts for about 60 percent of Japan's GDP, upgraded to 0.7 percent decline from a 0.8 percent fall in the initial report, thanks to stronger sales of vehicles and beverages.
The data also shows a rise in private inventories also pushed up the GDP. GDP is the total value of goods and services produced domestically.
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