Tokyo, Dec. 20 (Jiji Press)—The Japanese government at a cabinet meeting Tuesday adopted its projections for the country’s economic performance in fiscal 2017, estimating year-on-year gross domestic product growth at 1.5% in price-adjusted real terms.
Pickups in personal consumption and corporate capital spending, and the government’s economic stimulus measures are expected to push up the GDP growth for the year starting next April from the 1.2% estimated in July.
The government’s economic projections will be used as a basis for calculating its tax revenue estimate and other figures for its fiscal 2017 budget.
In nominal terms, the government estimates GDP growth at 2.5% for the coming fiscal year, up from the July estimate of a 2.2% increase.
Japan’s nominal GDP is expected to reach a record high of some ¥553.5 trillion.
[Copyright The Jiji Press, Ltd.]