TOKYO: According to government data released on Wednesday, Japan's gross domestic product (GDP) for the October-December period of 2021 was revised down to an annualised real growth of 4.6 percent from the previously stated 5.4 percent.
According to the Xinhua report, the increase in real GDP, which is the entire value of goods and services generated in the country adjusted for inflation, equals a 1.1 percent gain on a seasonally adjusted quarterly basis.
The downward revision for the reported quarter resulted in real GDP growth of 1.6% in 2021, the country's first increase since 2018, following a 4.5-percent drop in 2020. According to a government official, "taking into consideration the most recent data relating to services, the eating out and railway industries contributed to the downward revision (in private consumption)."
"However, the overall image of expenditure expanding as the restaurant, passenger transportation, and auto sectors recover has not changed," the source said.
Private consumption growth, which accounts for more than half of the country's GDP, was cut down to 2.4% from 2.7 percent previously reported.Personal spending, on the other hand, reached its highest point since January-March 2014, according to the Cabinet Office.
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