Japan’s Economy is Recovering Slightly

Japan’s Economy is Recovering Slightly

The Japanese economy, the largest in the world after the United States and China, rebounded slightly in the fourth quarter of 2022. This is evident from an initial estimate that the government announced on Tuesday.

Gross domestic product (GDP) rose by 0.2 percent in the last quarter compared to the third quarter. Then Japan recorded an economic contraction of 0.3 percent.

In the past quarter, household spending, in particular, picked up again by 0.5 percent. In addition, the service sector benefited from government subsidies to boost domestic tourism.

Foreign tourists also found their way back to the land of the rising sun in the aftermath of the corona pandemic. All corona restrictions have been lifted since October.

In the whole of 2022, the Japanese economy grew by 1.1 percent. This is the second year in a row of growth (+2.1 percent in 2021) after a dip due to the corona crisis in 2020.

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