Japan narrowly avoided a recession before the turn of the year. Gross domestic product (GDP) grew by just 0.1 percent from October to December 2022, according to official data Thursday, after the economy shrank by 1.1 percent in the summer. This means that there was de facto stagnation in autumn. In an earlier estimate, a GDP plus of 0.6 percent had been estimated for the final quarter. According to economist Wakaba Kobayashi from the Daiwa Institute of Research, rising inflation is likely to have dampened consumption. In addition, the recovery in the service sector after the relaxation of the corona restrictions was not as strong as expected. As shown by the GDP data, private consumption, the backbone of Japan’s economy, grew just 0.3 percent. In the estimate, the increase was still estimated at 0.5 percent.
GDP – Japan’s economy is weakening – Economy
