Japan's Q2 GDP grows annualized 3.1% as consumption rises

TOKYO -- Japan's economy grew an annualized 3.1% in the April-June quarter from the previous three months, the Cabinet Office said Thursday, bouncing back from a contraction in the prior quarter buoyed by rising consumption of automobiles and other durable goods. 

The gross domestic product result came in higher than an average forecast for a 2.3% expansion among economists surveyed by QUICK. In the first quarter GDP shrank an annualized 2.3%, which was revised from the previous minus 2.9%.