Japan's economy grew an annualized real 1.0 percent in the January-March period, the Cabinet Office said Thursday, downgrading the figure from preliminary data.

According to the Cabinet Offices latest data, the expansion in real gross domestic product corresponds to a 0.3 percent increase from the previous quarter.

Real gross domestic product is the total value of goods and services produced in the country adjusted for inflation.

In a preliminary report released on May 18, the government said that Japans economy grew a real 0.5 percent from the previous quarter, or an annualized 2.2 percent, in the first quarter of 2017.