Japan’s economy grew by just 0.3 per cent in the second quarter, lower than expected, as weak exports and softer consumer spending offset continuing strong public investment in last year disaster-stricken region.
Private consumption was up just 0.1 percent on quarter, missing forecasts for an increase of 0.3 percent. In the previous three months consumer spending rose 1.2 per cent, buoyed by government subsidies for fuel-efficient cars which are expected to expire in August.
External demand eased 0.1 percentage point from GDP, while domestic demand added 0.4 point, the data showed. Public investment rose 1.7 per cent from the first quarter.
Net exports cut 0.1 percentage points from gross domestic product.
8/13/2012 12:33:21 PM