Sep 09 , 2019 . KYODO NEWS.

TOKYO – Japan’s economy grew an annualized real 1.3 percent in the April-June quarter, revised down from the 1.8 percent expansion initially reported, due to a downgrading in capital expenditure, government data showed Monday.

The result compared with the average 1.2 percent growth forecast by private-sector economists polled by Kyodo News.

The figures released by the Cabinet Office reflect the government’s view that the world’s third-largest economy is recovering at a moderate pace.

The growth in real gross domestic product, the total value of goods and services produced in the country adjusted for inflation, corresponds to a 0.3 percent increase from the previous quarter, according to the Cabinet Office.

Capital expenditure edged up 0.2 percent from the previous quarter, worsening from the preliminary reading of 1.5 percent.

Private consumption, which accounts for more than half of Japan’s economy, was unchanged from the previous quarter at 0.6 percent.

Public investment was upgraded to 1.8 percent from 1.0 percent.

The data came just ahead of the planned consumption tax hike to 10 percent from the current 8 percent scheduled for Oct. 1, a move that could dampen consumer spending and hurt the economy.

Nominal GDP, which is not adjusted for inflation, grew an annualized 1.1 percent, down from a 1.7 percent expansion.

CR:KYODO NEWS