ECONOMY | Staff Reporter, Japan

Japan's GDP inched up 3% in Q2

Business spending grew 3.1%.

The gross domestic product (GDP) of Japan expanded 3% YoY in Q2 2018, the country’s Cabinet Office revealed.

The Q2 GDP was well above the 2.6% GDP forecast and was a 1.4 ppt increase from the 1.9% GDP growth in Q1.

Based on an annualised seasonally adjusted basis, GDP grew 0.7% which is in line with expectations.

Japan’s private consumption also recorded a 0.7% increase which is unchanged from the previous reading. Meanwhile, business spending inched up 3.1% QoQ which beat the 2.8% forecast.

Based on data from the Bank of Japan, overall bank lending grew 2.2% YoY to US$4.75t (JPY526.9t) which is up 2ppt from the 2% increase in July.

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