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Japan's economy expands annualized real 1.6 pct in Q1

17 May 2023 05:13 (UTC +04:00)

Japan's economy expanded at an annualized real 1.6 percent in the January-March quarter of 2023, the government said in a report on Wednesday, APA reports citing Xinhua.

The Cabinet Office's preliminary data showed the growth in the recording period marked the first expansion in three quarters.

In terms of real gross domestic product, meaning the total value of goods and services produced in the country adjusted for inflation, the economy grew 0.5 percent from the previous quarter, the office also said.

The world's third-largest economy marked its second successive year of growth in fiscal 2022, expanding 1.2 percent in real terms, the government also said in its preliminary report.