Japan Oct.-Dec. GDP Growth Estimated at Annual 2.0 Pct

Tokyo, Feb. 2 (Jiji Press)--Japan's real gross domestic product in October-December 2022 is believed to have climbed 0.5 pct from the previous quarter, or at an annual rate of 2.0 pct, following a contraction in July-September that year, according to forecasts by 10 private-sector think tanks.

The average GDP growth estimate by the think tanks reflects progress in recovery of economic activities after COVID-19 restrictions, which is seen to have more than offset negative factors such as price increases and a slowdown of the global economy.

The Cabinet Office is set to announce preliminary GDP data for the third quarter of fiscal 2022 on Feb. 14.

By GDP component, the think tanks estimate that private consumption, the pillar of Japan's domestic demand, increased 0.5 pct from the previous quarter.

Although markups resulting from higher energy and materials prices hit the country in the reporting quarter, along with the eighth wave of novel coronavirus infections, consumption recovered mainly in the services sector thanks in part to the government's travel discount campaign aimed at boosting demand, which started in October 2022, Mitsubishi Research Institute Inc. <3636> said in a report.

[Copyright The Jiji Press, Ltd.]