Japan’s Q1 GDP growth revised up to annualized 2.7%

TOKYO — Japan’s gross domestic product for the January-March quarter grew more than initially reported, the Cabinet Office said on Thursday, reflecting stronger spending by companies and consumers.

GDP expanded 0.7% from the previous quarter on a real seasonally adjusted basis, excluding the effect of price changes, up from 0.4% reported in May. On an annualized basis, the economy expanded 2.7%, significantly better than the preliminary 1.6% figure.