Japan's economy grew faster than expected in the second quarter of 2023 as strong auto exports and a rebound in tourism helped offset weaker-than-expected results for both business investment and private consumption. Quarterly growth was 1.5 percent, well above the median estimate of 0.8 percent, the fastest pace of growth since the fourth quarter of 2020, and followed a revised growth of 3.7 percent in the first quarter.
Exports rose 3.2 percent in the second quarter, led by auto exports, while capital spending remained flat. Japanese automakers benefited from a weaker yen, helping to support profits amid falling sales in China and a difficult shift to electric vehicles.
Source (Al-Asharq Al-Awsat Newspaper, Edited)
