Preliminary economic growth data for the second quarter of 2023 in Japan is here:
- Japan: Preliminary Q2 GDP +1.5% q/q (vs. +0.8% expected)
Q2 GDP was revised to +1.2% q/q and +4.8% y/y
- by +1.5% and +6.0% respectively
The data confirms weak domestic demand, with private consumption coming in at -0.6% q/q (preliminary figure was -0.5%). Business investment is also weak, with investment coming in at -1.0% q/q (preliminary forecast was -0.7%).
External demand made a positive contribution at +1.8% q/q.