He gross domestic product (GDP) of Japan grew by 1.5% between April and June, the second quarter of the year, compared to the previous quarter, according to preliminary data published on Tuesday by the Government.
This growth was mainly motivated by the increase in real estate investment for private residence and a slowdown in the increase in public investment, which advanced by 1.9% and 1.2%, respectively.
Regarding the variation with respect to the same quarter of 2022, the Japanese economy grew by 2%according to preliminary data released by the Cabinet Office.
Japanese GDP growth in the second quarter of 2023 comes after the Japanese economy experienced another growth in the first quarter this year of 0.9% quarter-on-quarter between January and March, according to revised government figures.
In the three months to June, private consumption, which represents around 60% of the country’s economy, however, contracted by 0.5% compared to the previous quarter, despite the end of the anti-covid restrictions.
The recovery of investment in the real estate sector for private residences contributed to this latest recovery in GDPsince it increased by 1.9% with respect to the previous quarter, after the increase of 0.7% in the previous months.
With regard to public investment, it increased by 1.2% from April to June, compared to the rise of 1.7% in the previous quarter.
During the second quarter of 2023 the japanese exports they increased by 3.2% quarter-on-quarter, after the decrease of 3.8% in the previous quarter, in a sign of trade recovery.
Imports contracted in that period by 4.3%, in line with the reduction that they also experienced between January and March, of 2.3%.