Japan’s economy grew at a slower pace than initially estimated in the final quarter of 2021 due to weaker-than-expected spending by consumers, revised data showed Wednesday.
The world’s third-largest economy after the U.S. and China expanded 4.6% on an annualized basis, which reflects what would happen if the fourth-quarter pace continued for a full year.
The preliminary estimate released in mid-February said the economy expanded at an annualized 5.4% in the October-December quarter.
The economy grew a revised 1.1% from the previous quarter.
The revised data showed that private consumption rose 2.4% from the previous quarter, compared with an initial estimate of a 2.7% increase.
Economists expect growth to slow again in the current January-March quarter due to the spread of the Omicron variant.