Japan Govt Slashes FY 2022 GDP Growth Estimate to 2.0 Pct

Economy

Tokyo, July 25 (Jiji Press)--The Japanese government has revised down its estimate for gross domestic product growth in price-adjusted real terms in fiscal 2022 to 2.0 pct from 3.2 pct as of January, it was learned Monday.

The latest figure, submitted by the Cabinet Office to the Council on Fiscal and Economic Policy the same day, reflects a global economic slowdown due partly to Russia's invasion of Ukraine.

The government also predicted that the overall consumer price index, including fresh food prices, will increase 2.6 pct in the year through next March, marking the steepest rise in eight years against a backdrop of soaring energy prices and the yen's weakening.

For fiscal 2023, meanwhile, the government put real GDP growth at 1.1 pct.

"We aim to put the Japanese economy on track for higher growth by further boosting its growth potential through the next fiscal year," Prime Minister Fumio Kishida said at the day's meeting of the council.

[Copyright The Jiji Press, Ltd.]

Jiji Press