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Japan lowers Q4 GDP due to weaker consumption, business spending According to Reuters


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© Reuters. Pedestrians wearing face masks, amid the coronavirus (COVID-19) pandemic, are seen at a shopping district in Osaka, Japan, in this photo taken by Kyodo April 7, 2021. mandatory use of Kyodo / via REUTERS

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TOKYO (Reuters) – Japan’s strong economic growth in the final quarter of 2021 was downgraded in a revised estimate on Wednesday, while pressure from record COVID-19 infections and costs Rising energy is increasing the risk of a decline this quarter.

Bearish-corrected growth is bad news for policymakers tasked with keeping the country’s fragile recovery on track as commodity prices soar due to the Ukraine crisis and supply disruptions. continued to increase economic instability.

Revised gross domestic product (GDP) data released by the Cabinet Office on Wednesday showed Japan grew 4.6 percent year-on-year in October-December. This was lower than economists’ average forecast for a 5.6% increase and the preliminary figure of 5.4% released last month.

On a quarterly basis, GDP grew 1.1%, below average market expectations for a 1.4% gain.

Private consumption, which accounts for more than half of Japan’s GDP, grew 2.4% in October-December from the previous quarter, revised down from the 2.7% increase initially estimated.

Gross domestic demand contributed 0.9 percentage points to the revised GDP figures, while net exports added 0.2 percentage points.

Economists in a Reuters poll last week forecast annual growth of 0.4% in the 1-March quarter, slashing their previous projections due to a rapid infection of the Omicron coronavirus variant and the instability caused by the war in Ukraine.

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