Japan’s economy expanded for a second straight quarter, beating forecasts as businesses increased spending and boosted inventories.

Gross domestic product grew at an annualized 2.4 percent in the three months through March from the previous quarter, when it increased by 1.1 percent, the Cabinet Office said on Wednesday. The median estimate of 28 economists surveyed by Bloomberg was for a gain of 1.6 percent.

Capital investment gained 0.4 percent from the previous three months, rising for the first time in four quarters, today’s data showed. From the previous quarter, private consumption rose 0.4 percent, the same pace as in the final three months of 2014.

Inventory buildup added 0.5 percentage point to non-annualized growth in the first quarter, the data showed.

Source: Bloomberg