TOKYO - Japan’s economic growth unexpectedly accelerated in January- March, driven by net contributions from exports and defying forecasts for a contraction in the world’s third-largest economy.
Underscoring this challenge were private consumption and capital expenditure readings, which both fell in the first quarter, while exports suffered the biggest fall since 2015. “All of the most important components of GDP are negative,” said Hiroaki Muto, chief economist at Tokai Tokyo Research Center.
As imports fell more than exports, net exports - or shipments minus imports - added 0.4 percentage point to GDP growth, the data showed. However, Economy Minister Toshimitsu Motegi put a brave face on Monday, saying that there was no change to the government’s plan to raise the sales tax to 10% from 8% in October.
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