Tokyo: The Japanese economy expanded 1.1 per cent in 2022, compared with a 2.1 per cent increase in 2021, government data showed on Tuesday.
According to preliminary data released by the Cabinet Office, Japan’s real gross domestic product for the year 2022 came to about 546 trillion yen ($4.1 trillion dollars).
For the full year, private demand was up 2.4 per cent from the previous year as household consumption grew 2.2 per cent. Corporate capital investment also increased 1.8 per cent, the data showed.
Meanwhile, exports of goods and services increased 4.9 per cent, while imports in the same category expanded 7.9 per cent, due to rising energy costs and a weak yen, dragging down net exports.
In the final quarter of 2022, the world’s third-largest economy expanded an annualized 0.6 per cent, as the lifting of local Covid-19 restrictions boosted private consumption, but the first expansion in two quarters was much smaller than a median market forecast for a 2 per cent rise.
–IANS