TOKYO -- Japan's real gross domestic product gained 0.6% in July from the previous month, helped by growth in exports and corporate capital spending, according to estimates released Monday by the Japan Center for Economic Research.

The economy expanded for a second consecutive month to reach 545.5 trillion yen ($4.95 trillion) in annualized, seasonally adjusted terms.

Export expansion helped Japan to keep the growth momentum. The volume of merchandize exports in the month expanded 1.7% from the month earlier, while that of imports shrank 2.3%. Though exports to the U.S. and Europe declined, shipments to a group of Asian countries -- including Southeast Asian economies -- grew 4.1% and those to China rose 0.3%.

Household consumption, however, contracted by 0.7%. The Olympic Games in Tokyo which began on July 23 failed to stimulate spending, as measures to contain the spread of COVID-19 restricted the movement of people and curtailed the purchase of goods and consumption of services.

In July, corporate capital investment rose 1.0% from June while public investment shrunk 0.3%.