The latest GDP figures for Japan show consumers spending again after a further easing of COVID regulations.
The Cabinet Office says the economy grew by an annualized 1.6 percent in real terms in the January to March period.
That is the first time in three quarters it has been in positive territory.
Consumer spending accounts for more than half of Japan's GDP. It was up 0.6 percent from the previous quarter. Spending increased in the service sector, including travel and dining, and sales of new cars were strong.
But exports took a hit, sliding more than 4 percent.
The Cabinet Office says the economy grew by an annualized 1.6 percent in real terms in the January to March period.
That is the first time in three quarters it has been in positive territory.
Consumer spending accounts for more than half of Japan's GDP. It was up 0.6 percent from the previous quarter. Spending increased in the service sector, including travel and dining, and sales of new cars were strong.
But exports took a hit, sliding more than 4 percent.
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Summary
Japan's GDP grew by 1.6% in Q1 2023, marking the first positive growth in three quarters, according to the Cabinet Office. This rise is attributed to increased consumer spending, accounting for over half of Japan's GDP, which saw a 0.6% increase from the previous quarter. The service sector,
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ID: 43461aef-278d-452e-bacc-4e952b331aa0
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20230517_14/
Date: May 17, 2023
Created: 2023/05/17 19:04
Updated: 2025/12/09 03:59
Last Read: 2023/05/17 23:07