Robert Besser
23 May 2023, 15:30 GMT+10
TOKYO, Japan: Data released this week showed that in the quarter through March, Japan's economy grew at a rate of 1.6 percent annually, amid easing COVID-19-related restrictions that spur consumer demand.
In a statement, the government Cabinet Office said the real gross domestic product of the world's third largest economy grew 0.4 percent in January-March.
This figure was better than the market forecast of 0.2 percent, and the strongest GDP growth pace since April to June 2022 at 1.1 percent.
Private demand, which rose 3.1 percent, contributed the most to this growth, with consumer spending and private investment rebounding, assisted by the recent opening of borders to tourists and other incoming travel.
Additionally, public demand grew 1.8 percent annually.
"Japan's economy appears to be on a gradual recovery track despite sluggish global demand," said Robert Carnell, regional head of research Asia-Pacific at ING, as quoted by the Associated Press.
However, overall growth was stifled by slowing exports, with Japan's January-March exports declining an annualized 15.6 percent, reflecting the struggles facing global economies.
Due to the fact that it has been consistently hit for decades by deflation, unlike most countries, including the US and Europe, Japan has been more cautious about its approach to inflation.
While not directly affecting core inflation, electricity bills were recently increased across the country, which will likely have some trickle-down impact to increase inflation.
The relatively positive analyses for the Japanese economy could increase public support for Prime Minister Fumio Kishida, who could call a snap parliamentary election later this year.
Get a daily dose of Central Coast News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Central Coast News.
More InformationLONDON, UK: This week, the Global Financial Centers index showed that New York remains the world's leading financial center, with ...
KAOHSIUNG, Taiwan: In a significant milestone for its defense capabilities, Taiwan has unveiled its first domestically developed submarine. Although it ...
HONIARA, Solomon Islands: Prime Minister Manasseh Sogavare revealed that he opted out of a Pacific Islands leaders' summit at the ...
SACRAMENTO, California: Intending to raise some US$160 million per year to help prevent gun violence, California Governor Gavin Newsom signed ...
MANILA, The Philippines: The Philippines remains steadfast in its resolve not to yield to Chinese efforts to obstruct its fishermen ...
VICTORIA, Texas: This week, U.S. District Judge Drew Tipton in Victoria, Texas, ruled that President Joe Biden did not have ...
RIVERSIDE COUNTY, California: In his opening statement this week in the first U.S. trial over allegations that a car autopilot ...
SACRAMENTO, California: Intending to raise some US$160 million per year to help prevent gun violence, California Governor Gavin Newsom signed ...
WASHINGTON D.C. Due to internal brake fluid leaks that can cause an electrical short and could lead to engine fires, ...
SAN FRANCISCO, California: In a major update that will move it closer to popular artificial intelligence (AI) assistants, such as ...
(Photo credit: Rob Schumacher / USA TODAY NETWORK) Arizona and Houston each celebrated a postseason berth on Saturday night after ...
SAN FRANCISCO - U.S. Sen. Dianne Feinstein returned Saturday to her hometown for the final time when a military jet ...