The Japanese economy grew at a slower pace than originally expected in the last quarter of 2021, due to lower-than-expected consumer spending, the revised data showed.
The third largest economy in the world, after the USA and China, grew by 4.6% on an annual basis, which reflects what would happen if the growth rate of the fourth quarter continued for a whole year.
Preliminary estimates released in mid-February indicate that the economy grew at a rate of 5.4% in the October-December quarter.
Compared to the previous quarter, it “ran” at a rate of 1.1%, while the revised data showed that private consumption increased by 2.4% compared to the previous quarter, compared to an initial estimate of an increase of 2.7%.
Source: Capital
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