Japanese growth revised up to 4.1%

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Japan has revised its first-quarter economic growth up to 1 per cent, as part of government data released today by the Cabinet Office.

Revisions to official data show the Japanese economy grew at an annualised rate of 4.1 per cent throughout the first quarter, up from an original estimate of 3.5 per cent.

Japan’s original estimate of 3.5 per cent already marked the fastest growth rate recorded by any G7 economy for the period.

Strong household spending and an uptick in private residential investment are said to have been the biggest contributors to the expansion in the Japanese economy throughout the first quarter of 2013.

The quarter-on-quarter growth rate was also the highest since the 1.2 per cent witnessed during the first three months of 2012.

Elsewhere, a survey by the Japanese Cabinet Office showed consumer confidence during May reached its highest level since 2007, according to Bloomberg.

The revised figures follow shortly after Japanese prime minister Shinzo Abe confirmed that voting in elections for Japan’s upper house of parliament will take place on July 21, while speaking yesterday to national broadcaster NHK.