(Bloomberg) — Japan’s economy expanded at a slower pace than initially estimated as businesses cut back investment in plants and equipment and consumers spent less, an outcome that points to the fragility of the growth achieved last quarter.
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Gross domestic product grew at an annualized 4.8% from the previous three months with the expansion almost entirely reliant on overseas demand, revised figures from the Cabinet Office showed Friday. That was a smaller expansion than the preliminary reading of 6% and came in below economists’ forecast of 5.6% growth.
Business spending figures were revised to show outlays slipping 1% on a non-annualized basis. Previously the government estimated that capital investment was flat versus the first quarter. Consumer spending also fell more than first forecast.
Separate data showed wage growth slowed sharply to push real pay…
