Japan’s Economy Grows 1.6% in Q1 2023, Boosted by Private Demand

Japan’s real gross domestic product (GDP), which represents the total value of a nation’s goods and services, increased by 0.4% on a quarterly basis in January-March 2023.

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Private demand emerged as the primary contributor to Japan’s economic growth in Q1 2023, surging at an annual pace of 3.1%.

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Despite overall economic growth, Japan faced challenges due to declining exports, reflecting the sluggishness of global economies.

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The relatively positive economic performance may bolster Prime Minister Fumio Kishida’s standing with the public.

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