Japan's GDP for the fiscal year 2019 (April 1, 2019 - March 31, 2020) has declined for the first time in five years, Report says, citing Kyodo news agency.
According to the government's updated data, the decrease was 0.3%. The forecasts believe the figure should have been at the level of 0.0%. The main reason for the decline in GDP was the increase in consumer taxes from 8% to 10% in October 2019.
Simultaneously, in the third quarter of 2020, the country's GDP, under the latest estimates, grew by 5.3% compared to the previous quarter.
Personal consumption, which accounts for 60% of Japan's GDP, rose 5.1%.
During the reporting period, public investment increased by 0.5% in quarterly terms, while private sector investment declined by 2.4%. Exports rose by 7% in quarterly terms, while imports lowered by 8.8%.