Japan Economy Grinds Out 1.1% Growth Amid Global Headwinds

Japan's economy grew at an annual rate of 1.1% in the April-June quarter, despite facing various headwinds.

The country's real GDP, or gross domestic product, increased by a seasonally adjusted rate of 0.3% from the first quarter to the second quarter of this year.

Private consumption remained flat, while exports declined by 2.1%. However, a strong global demand for Japanese autos and semiconductors helped drive exports up by 0.5%, according to government data released Monday.

The growth rate is lower than what analysts had expected, and the economy has been impacted by the war in Iran, which has sent energy costs surging.