Economists had expected GDP to increase by 0.5 percent. In fact, it was slightly higher in the first quarter of the year.
Japan’s economy grew faster than expected in the first quarter. Japan’s statistical office said on Thursday in Tokyo that gross domestic product (GDP) rose by a revised 0.7 percent quarter-on-quarter in the period from January to March. In a first estimate, an increase of 0.4 percent was determined. Economists had expected an increase of 0.5 percent. In the fourth quarter of 2022, the economy grew by 0.1 percent.
The Japanese economy was supported by increased corporate investment. But private consumption was also robust. The Japanese economy was thus stronger than the German economy, which slipped into a minor recession.
Projected for the year, the Japanese economy grew by 2.7 percent in the first quarter. An increase of only 1.6 percent was initially determined here. Annualized numbers indicate how much the economy would grow if the current pace continued for four quarters. This procedure is not used in Europe.
Source: Stern
