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Investing.com -- Japan’s economy experienced slower growth than initially reported in the last quarter of the year, according to revised data from the Cabinet Office.
The Gross Domestic Product (GDP) expanded at an annualized rate of 2.2% in the three months leading up to December, a decrease from the previously estimated growth of 2.8%. This revised GDP growth translates to a quarter-on-quarter expansion of 0.6% in price-adjusted terms, down from the 0.7% growth reported in February.
This slowdown in growth was primarily due to weaker consumption, with household spending data also falling short of expectations. The weaker consumption is believed to be due to higher prices affecting consumer spending.
Despite the slower growth, it is unlikely to change public perception of the economy or deter the Bank of Japan (BOJ) from increasing interest rates, according to Kazutaka Maeda, an economist at Meiji Yasuda Research Institute.
Maeda stated that there was no significant change that would impact people’s views of the economy.
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