ISLAMABAD:The Japanese government on Saturday revised upward its economic growth forecast for fiscal 2023 to a real 1.5 percent on expectations for increased capital spending and private consumption.
The upwardly revised forecast is a 0.4-point increase from the government’s previous projection of a 1.1-percent growth made in July.
According to the Cabinet Office, GDP in fiscal 2023 (April 2022-March 2023) is now forecast to reach 558 trillion yen (4.22 trillion U.S. dollars), surpassing fiscal 2018’s record of 554 trillion yen (4.19 trillion U.S. dollars).
From the previous fiscal year, the office said that nominal GDP is also forecast to hit a new high of 571 trillion yen (4.32 billion U.S. dollars), marking an increase of 2.1 percent.
With real wages expected to rise, the government said it projects private consumption, which accounts for more than half of the economy, to increase 2.2 percent in fiscal 2023.