Japan's gross domestic product was up 1.2 percent in the first quarter of 2012 compared to the previous three months, the Cabinet Office said on Friday in a secondary reading - suggesting that the recovery from the March 2011 earthquake and tsunami is finally on track.
That beat forecasts for an increase of 1.1 percent following the 1.0 percent gain indicated in last month's preliminary reading.
On a yearly basis, GDP climbed 4.7 percent - also beating expectations for a rise of 4.5 percent after initially showing an increase 4.1 percent.
Nominal GDP collected 1.2 percent on quarter, topping forecasts for 1.1 percent and revised up from April's 1.0 percent gain.
The GDP deflator was down 1.3 percent on year versus forecasts for -1.2 percent, which would have been unchanged from the preliminary read.
Capex was upwardly revised to -2.1 percent on quarter from the 3.9 percent fall initially reported, while private consumption was upgraded from 1.1 percent to 1.2 percent.
Private inventories were bumped down from 0.4 percentage points to 0.3 points, while domestic demand contribution was pushed up from 0.9 points to 1.0 points. Contributions from net exports were unrevised at 0.1 point.
Also on Friday:
• Japan posted a current account surplus of 333.8 billion yen in April, the Ministry of Finance said - shy of forecasts for a surplus of 440.8 billion yen following the 1,589.4 billion yen surplus in March.
The headline figure was down an annual 21.2 percent - also missing forecasts for an increase of 7.5 percent after falling 8.6 percent in the previous month.
The trade balance reflected a deficit of 463.9 billion yen, also missing forecasts for a shortfall of 450.7 billion yen following the 4.2 billion yen surplus a month earlier.
Exports climbed 11.1 percent on year to 5.421 trillion yen, while imports added 11.2 percent on year to 5.885 trillion yen.
Seasonally adjusted, the current account balance showed a surplus of 288.6 billion yen, well shy of forecasts for 615.6 billion yen and down sharply from 785.5 billion yen in March.
• Overall bank lending in Japan was up 0.4 percent on year in May, the Bank of Japan said, standing at 394.442 trillion yen - in line with forecasts following the 0.4 percent annual expansion in April.
Including trusts, bank lending collected 0.3 percent on year to 456.206 trillion yen, also matching forecasts after rising 0.3 percent in the previous month.
Foreign bank lending plummeted 21.7 percent on year to 2.234 trillion yen following the 22.7 percent annual plunge a month earlier.
• Upon the release of the data, the Japanese yen showed little movement against major rivals, trading near 79.76 against the U.S. dollar, 100.28 versus the euro, 83.52 against the Swiss franc and 123.85 versus the pound.
by RTT Staff Writer
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