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Japan growth rate revised down as oil inventories fall

Jun 08, 2017, 7:27 AM EDT
Tokyo, Japan
(Source: Osamu Kaneko/flickr)

A decline in oil inventories and private consumption slowed the pace of Japan’s economy in the first three months of the year, prompting a revision of GDP growth from previous estimate of 2.2 percent to an annualized rate of one percent.

Despite weak figures, analysts are bullish about the recovery of the world’s third-largest economy given that retail sales and core household spending made strong gains in April, writes the BBC.

Japan has seen an economic expansion for five consecutive quarters and even a growth rate of one percent signals that the country has been successful in retaining its momentum, notes Financial Times.