Tokyo, August 17 (QNA) - Japan's economy grew at an annualized real rate of 1.1% in the April-June quarter, marking a third consecutive quarterly expansion, but growth fell short of market expectations amid weak private consumption and business investment, government data showed Monday.
The Cabinet Office said real gross domestic product (GDP), adjusted for inflation, increased 0.3% from the January-March quarter. The quarterly growth rate was below the 0.5% increase expected by economists, while the annualized rate fell short of the 2.0% market forecast.
Private consumption edged down 0.02%, marking its first decline in eight quarters, while business investment fell 1.2% from the previous quarter, partly reflecting weaker software orders.
Exports rose 0.5%, while imports fell 1.5%. The decline in imports was partly linked to disruptions to crude oil shipments through the Strait of Hormuz amid heightened tensions in the Middle East.
Nominal GDP increased 1.2% from the January-March quarter, equivalent to an annualized growth rate of 4.8%.
Japan's fiscal year begins on April 1 and ends on March 31 of the following year. (QNA)