Japan economy grows more than expected in Q1 after technical recession

TOKYO, May 17 (straitstimes.com) - Japan's economy expanded at a faster pace than expected in the first quarter as a further easing of pandemic regulations boosted consumption.

Gross domestic product (GDP) expanded at an annualised pace of 1.6 per cent in the first three months of 2023 for the strongest growth in three quarters, after a technical recession at the end of 2022 following a revision in earlier figures, Cabinet Office data showed on Wednesday.

Last quarter’s expansion exceeded analysts’ estimates of 0.8 per cent growth and was also supported by better-than-expected business spending.

Stronger wage growth and additional price relief measures by the government are supporting consumption.

But it remains to be seen if pay cheques can keep up with the pace of inflation that is so far proving stickier than expected. ...continue reading

Source: ANNnewsCH

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