In the first quarter of 2023, Japan’s GDP , according to the final estimate, increased by 2.7% in annual terms (if GDP grew at the same pace for four consecutive quarters), Report informs referring to the country’s government.

Analysts polled by the DailyFx portal expected growth of only 1.9%. The preliminary estimate assumed growth of 1.6%.

Compared to the previous quarter, Japan’s GDP increased by 0.7%. Analysts had forecast growth of 0.5%, while preliminary estimates showed an increase of 0.4%.

In the fourth quarter of last year, the country’s GDP rose by 0.4% on an annualized basis.

Personal consumption, which accounts for up to 60% of Japan’s GDP, rose by 0.5% in the first quarter compared to the previous quarter.