DHAKA: Growth in the Japanese economy in the first quarter has been revised sharply higher, official government data shows.

The world’s third largest economy expanded 1 percent in the first three months from the previous three, up from an initial estimate of 0.6 percent, reports the BBC.

It also grew 3.9 percent on an annualized basis, compared to a preliminary reading of 2.4 percent, and much higher than forecasts of 2.7 percent growth.

A jump in business spending helped boost growth well above expectations.

In the initial estimate, business spending was up just 0.4 percent from the previous quarter. The revised reading was 2.7 percent higher, compared to forecasts of 2.3 percent.

The revised figures make growth in first quarter the best for Japan in two years.

The data is boosting hopes of a continuing recovery from the recession that the country fell into last year and is good news for the government and central bank which have both been trying to stimulate growth in the Asian giant.

BDST: 0935 HRS, JUNE 08, 2015
BD