Japan’s economy recovers pre-pandemic size on consumption gain

The Japanese economy — the world’s third largest — recovered to its pre-pandemic size in the second quarter, as consumer spending picked up following the end of coronavirus curbs on businesses.

Gross domestic product grew at an annualized pace of 2.2% in the second quarter of 2022, coming in below the median estimate of 2.6%, Cabinet Office data showed Monday. That lifted the size of the economy to ¥542.1 trillion ($4.1 trillion), above what it was at the end of 2019. First-quarter GDP was revised to an expansion from a prior contraction.