Japan growth rate revised down but business spending improvesJune 8, 2017 - 17:27 AMT PanARMENIAN.Net - Japan's economy grew slower than initially estimated in the first three months of the year, according to revised figures, BBC News reports. Gross domestic product (GDP) expanded 0.3% in the first quarter, compared to 0.5% in last month's preliminary reading. The annualised rate of growth was cut to 1% from the initial reading of 2.2%. The data was weaker than expected and was due to an unexpected decline in oil inventories and private consumption. Business investment increased though, rising by 0.6% in the quarter compared with the first estimate of 0.2%. Japan's central bank meets next week and is now expected to keep policy unchanged following the latest data. Economic recovery However, analysts say the outlook remains positive for the world's third-largest economy and that its recovery is set continue. "Both retail sales and core household spending recorded strong gains in April, and industrial production finally surpassed the peak reached before 2014's sales tax hike," Marcel Thieliant from Capital Economics said. "The current [economic] expansion already is the longest in more than a decade," he added. Prime Minister Shinzo Abe has been pushing Japanese consumers and companies to spend more in the run-up to the Tokyo Olympics in 2020. Private consumption accounts for about 60% of GDP. Exporters have been helped by a weakening currency, which has made their products more competitive and has boosted the value of profits earned overseas. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |