Japan: Economy expands below expectations in Q4 2022 – UOB – by pabspiovano Japan GDP Banks
Alvin Liew, Senior Economist at UOB Group, assesses the recent Q4 GDP results in the Japanese economy.“Japan’s 4Q 2022 GDP rebounded as expected, but the pace of increase was below forecast at 0.2% q/q, 0.6% q/q SAAR while the contraction in 3Q was revised worse to -0.3% q/q, -1.0% q/q SAAR. For the full year, GDP expanded by 1.1% in 2022, easing from 2.1% in 2021.”
“We had expected Japan’s economy to rebound in 4Q but the momentum was weaker than forecast as we underestimated the impact of stronger inflation and the decline in business spending, offsetting the recovering private consumption while the stronger yen and falling commodity prices in 4Q helped trim the country’s previously ballooning import bill. But weaker external demand made the export recovery shallower.
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