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ECONOMY > Economic Indicators

Japanese economy contracts by 1% in first quarter of this year

  • May 18, 2022
  • , NHK
  • JMH Summary

NHK reported on Cabinet Office data showing that the nation’s GDP contracted at an annualized rate of 1% during the first three months of this year because of a decline in public works projects and stagnant personal consumption associated with the COVID-19 quasi-state of emergency that was in place in many parts of the country at the time. The real GDP for FY2021 through March of this year increased 2.1%, the first economic growth in three years.

 

Minister for Economic and Fiscal Policy Yamagiwa said the statistics indicate that the economic contraction between January and March was “considerably smaller” than downturns during previous waves of coronavirus infection, noting that this may reflect people’s growing awareness of the need to “coexist with COVID-19.” The official noted that growth is likely in the current second quarter due in part to the lifting of the quasi-state of emergency and said Japan’s economy is on a recovery track. However, he also voiced apprehension about the economic outlook on account of the situation in Ukraine. 

 

 

 

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