Japan Oct.-Dec. GDP Growth Estimated at Annual 9 Pct

Economy

Tokyo, Feb. 2 (Jiji Press)--Japan’s real gross domestic product in October-December 2020 is believed to have risen 2.3 pct from the previous quarter, or at an annual rate of 9.3 pct, growing for the second straight quarter, according to forecasts by 11 private-sector think tanks.

The average GDP growth estimate by the think tanks reflects a sharp increase in exports of automobiles and electronics products on the back of a recovery in overseas economies.

However, some think tanks expect the country’s economy to contract in January-March 2021 due to the second state of emergency over the coronavirus epidemic currently in place in Tokyo and 10 other prefectures following a surge in infection cases.

The Cabinet Office is set to announce preliminary GDP data for October-December on Feb. 15.

While the estimated growth for October-December is slower than the annualized 22.9 pct expansion logged in the preceding quarter, the think tanks see that the Japanese economy has recovered more than 80 pct of the 45 trillion yen lost on an annualized basis in the April-June 2020 quarter, when the country suffered the largest economic contraction in its post-World War II history.

[Copyright The Jiji Press, Ltd.]

Jiji Press