Tokyo, March 2 (Jiji Press)–Revised Japanese government data, due out on March 9, are expected to show the country’s economy expanded at an annualized rate of 5.6 pct in October-December 2021, according to private think tanks.

The figure is the average estimate among 10 private-sector think tanks. A preliminary report published last month put the growth rate of gross domestic product at 5.4 pct.

The think tanks project a larger increase in capital spending than estimated in the preliminary report, after Wednesday’s government data showed that capital expenditures in October-December rose 4.3 pct from a year earlier.

The think tanks on average project a 0.7 pct rise in fixed business investment from July-September, against the preliminary growth estimate of 0.4 pct.

On the other hand, they expect that public investment will be revised down to a fall of 4.0 pct, from the preliminary drop of 3.3 pct.

Mizuho Research & Technologies Ltd. forecasts minor negative GDP growth for January-March 2022. A decline in personal consumption is inevitable amid the spread of the omicron COVID-19 variant, the think tank said.