Japan’s economy grows faster in first quarter than initially estimated

TOKYO — Japan’s economy expanded at a faster pace than initially estimated in the January-March quarter thanks to stronger spending by companies, revised government data showed Thursday.

The world’s third-largest economy after the U.S. and China grew 2.7% on an annualized basis in the first quarter, compared with the 1.6% expansion recorded in the preliminary estimate released in May.

The revised figures showed that capital expenditures rose 1.4% from the previous quarter, higher than the 0.9% increase estimated in the preliminary data.

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