A cargo ship and containers are seen at an industrial port in Tokyo, Japan February 15, 2022. REUTERS/Kim Kyung-Hoon/File Photo
TOKYO – Japan’s economy grew for a third straight quarter in April-June as strong exports helped offset a slowing post-COVID recovery in the services sector, although the prospect of a global recession is clouding the outlook .
Japan’s 6% annualized gross domestic product (GDP) growth translated into a quarterly gain of 1.5%, well above a Reuters poll’s median estimate of 0.8%.
It followed a revised 3.7% expansion in the first quarter.
Strong GDP data provides relief to policymakers looking to balance economic growth with sustained inflation and steady wage increases.
By key subsectors, private consumption, which accounts for more than half of the economy, fell 0.5% quarter on quarter in the April-June period.
Exports rose 3.2% in the second quarter, while capital spending remained flat.
External demand, or net exports, added 1.8 percentage points to second-quarter growth, while domestic demand shrank 0.3 points.
The Bank of Japan took action last month to allow long-term interest rates to rise further, a move seen by analysts as the start of a gradual exit from massive monetary stimulus.
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