Japanese economy expanded 1.5 percent in the first three months of 2014, the fastest since third quarter of 2011, as consumer spending surged before April sales tax increase.
From January to March, private consumption which accounts for about 60 percent of the GDP, expanded 2.1 percent and contributed 1.8 percentage point to the growth.
Housing investment grew 3.1 percent contributing 0.1 percentage point to the growth.
Capital spending grew 4.9 percent and contributed 0.7 percentage point to the expansion, marking its biggest gain since the last quarter of 2011.
External demand shaved off 0.3 percentage point from the growth as gains in exports (+6 percent) were not enough to offset a rise in imports (+6.3 percent).
The first-quarter gross domestic product figure translated into an annualised increase of 5.9 percent.
5/15/2014 1:27:46 AM