![]() ![]() That means that its economic performance reverberates across the globe.Ĭovid didn’t hit Japan’s economy as hard as it did other countries. Japan is the world’s third-largest economy, and the largest creditor by far. “It’s really suggesting that the domestic economy is not doing well,” she said. Households and corporations alike are spending less at home. growth comes from the external side,” referring to exports and a surge in inbound tourism. She added that “the only reason that we have stronger-than-expected G.D.P. ![]() Still, even with the impressive growth, a closer look at Tuesday’s underlying data - particularly a decline in domestic consumption - left plenty of room for concern, said Sayuri Shirai, a professor of economics at Keio University and a former board member of the Bank of Japan.Īlthough Japan’s gross domestic product has finally recovered to its prepandemic size in real terms, “the content is not really strong,” Ms. The second-quarter figure came as a shock to analysts: While they had expected Tuesday’s data to show healthy growth, the result more than doubled economists’ average forecasts in a poll by Bloomberg. The rapid expansion was fueled by a strong performance by the country’s export sector. It was the third consecutive quarter of expansion, following a revised reading of 3.7 percent growth in the January-to-March period and a slight bump of 0.2 percent the quarter before that. ![]() Japan’s economy recorded impressive growth in the second quarter of 2023, government data showed on Tuesday, evidence that the country is finally recovering from the Covid doldrums, even as signs of significant challenges remain.Įconomic output in Japan grew by an annualized rate of 6 percent in the second three months of the year, the country’s Cabinet Office said. ![]()
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