Towards the end of 2017 in its final October-December quarter, Japan saw its GDP to slow down and could not meet its financial expectations.
As per the preliminary records, Japan’s growth slowed down in the last three months.
Japan forecasted an annual growth of 0.9 percent, but could meet 0.5 percent growth.
However, the growth continues to be the country’s eighth consecutive quarter of growth.
Although the GDP didn’t meet the expectations, consumer spending saw a 0.5 percent growth as compared to its previous quarter; and also exceeding the expected growth of 0.4 percent.
Almost 60 percent of Japan’s economy depends on consumer spending is a major part of Japan’s economy.
Tokyo-based economist Jesper Koll told the BBC that in 30 years for the first time Jpan saw a positive upturn in its economy.
Mr Koll said: “You’ve got wages improving, and the quality of jobs is improving, so the overall environment for consumption is now a positive one, while over the last 30 years it was a negative one.”
“That’s the key point that’s driving the steady expansion of Japan.”