Japan's economy grows 1.6pc on-quarter in January-March

June 09, 2014 - 7:38:26 am

TOKYO: Japan's economy grew 1.6 percent in the first quarter of 2013 before a sales tax rise, posting the strongest expansion in more than two years, revised data showed Monday.

The expansion was slightly faster than the initial estimate of 1.5 percent growth.

The revised data confirmed the economy had staged the biggest expansion since a 2.6 percent growth in the July-September quarter of 2011, when it was rebounding from the earthquake-tsunami disaster in March of that year.

The nation's cash registers rang up big sales in the January-March period ahead of the April 1 consumption tax rise from 5.0 percent to 8.0 percent.

Millions of shoppers scooped up everything from cars and refrigerators to televisions and alcohol in a buying spree.

But the rush of demand has dented activity in the following months.  (AFP)