FOCUS: Japan Economic Outlook Clouded by Uncertainties
Tokyo, Aug. 15 (Jiji Press)--After announcing strong gross domestic product data for April-June, Japan faces a tough task of sustaining the recovery to get its economy firmly on a growth track amid rising uncertainties both at home and abroad.
During the first quarter of fiscal 2024, Japan's GDP grew at an annualized rate of 3.1 pct in inflation-adjusted real terms, the Cabinet Office said in a preliminary report Thursday.
The rise was led by recoveries in personal consumption and corporate capital investment following a gradual resumption of production and shipments at automakers suspended due to testing irregularity scandals.
Despite the rosy results, consumption still lacks vigor. An official in the retail industry said that the soaring cost of living "is beyond the levels deemed acceptable by consumers."
At a press conference shortly after the release of the GDP results, economic and fiscal policy minister Yoshitaka Shindo emphasized that the country's nominal GDP topped 600 trillion yen for the first time ever.
(2024/08/15-22:37)
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