Ten private research centers projected Japan’s GDP to rise by 0.2% on a quarterly basis according to real price-adjusted values, from January to March, or 0.8% on an annual basis, for the second consecutive quarter.
Private consumption, which continues to recover from the recession caused by the COVID-19 pandemic, is believed to have offset the decline in exports, reflecting slower growth of external economies.
Japan’s Cabinet Office is due to announce preliminary data on GDP in the first quarter of 2023 on May 17.
Private spending, the largest proportion of GDP, is expected to rise by 0.4% on a quarterly basis.
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