TOKYO : Japan's economy likely grew more than initially estimated in the first three months of this year, thanks to solid investments by manufacturers, a Reuters poll showed.Revised real gross domestic product (GDP) data is expected to show the world's third-largest economy expanded at an annualised rate
TOKYO : Japan's economy likely grew more than initially estimated in the first three months of this year, thanks to solid investments by manufacturers, a Reuters poll showed.
A forecast 1.3 per cent increase in capital expenditure, larger than the provisional estimate for a 0.9 per cent rise, would be the main driver of upgrade, analysts said. Ministry of Finance data on Thursday showed Japanese firms ramped up spending on plant and equipment in January-March at the fastest rate since 2015.
"While we can't characterise January-March as the exit period from stagnation, the data raises hope for the fiscal year 2023" which started in April, they added. Economists also projected Japan's current account balance stayed in black in April thanks to a smaller services deficit as tourists flocked back to the country. The median estimate for April current account stands at a surplus of 1.6638 trillion yen .
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