apan has revised up its growth figures for the January-to-March period, due to stronger growth in business investment.
The Cabinet Office said the economy grew 1.6% during the period, up from its initial estimate of 1.5%.
That translates into an annualised growth rate of 6.7% – up from the initial figure of 5.9%. Many analysts had expected a downward revision.
Japanese consumers and businesses increased their spending during the period ahead of April’s sales tax rise.
According to the revised figures, business investment rose 7.6% during the period, from the previous quarter, revised up from a preliminary 4.9% increase.
Meanwhile, consumer spending climbed 2.2%, up from the initial estimate of a 2.1% gain.