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ECONOMY > Economic Indicators

Think tanks put Japan April-June GDP growth at 2.7 pct

  • August 9, 2022
  • , Jiji Press , 9:57 p.m.
  • English Press

Tokyo, Aug. 9 (Jiji Press)–Japan’s real gross domestic product in April-June is estimated to have grown 0.7 pct from the previous quarter, or an annual rate of 2.7 pct, according to the average of projections released by Tuesday by 12 private think tanks.

 

The country’s GDP is believed to have risen for the first time in two quarters, reflecting a recovery in private consumption following the full lifting of COVID-19 pre-emergency measures.

 

The Cabinet Office is scheduled to announce preliminary GDP data for the first quarter of fiscal 2022 on Monday.
   

According to the think tanks’ estimates, private consumption is expected to show an increase of 1.3 pct on the back of active spending by tourists, restaurant visitors and others.
   

But the recovery is seen stalling in July-September, due to a resurgence of COVID-19 and growing money-saving attitudes among consumers amid rising prices, according to Mizuho Research & Technologies Ltd.
   

The think tanks forecast a 1.0 pct rise in corporate capital expenditures. Meanwhile, they projected a 0.2 pct dip in exports after production, mainly of automobiles, was affected by supply chain disruptions stemming from COVID-19 lockdown measures in Shanghai.

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