Japan Projects Real GDP Growth of 2.5 Pct for FY 2013

   Tokyo, Jan. 28 (Jiji Press)--Japan's price-adjusted real gross domestic product growth is seen expanding to 2.5 pct in fiscal 2013, which starts in April, on the back of a recovery in overseas economies and a recently compiled economic stimulus package, the government said Monday.
   Nominal GDP growth for the coming fiscal year is projected at 2.7 pct, outpacing the real-term figure for the first time in 16 years. In Japan, the real rate has long exceeded the nominal rate due to deflation in the country.
   The Liberal Democratic Party-led government of Prime Minister Shinzo Abe expects the consumer price index to grow 0.5 pct in fiscal 2013, up for the first time in five years. The jobless rate is seen at 3.9 pct, better that 4.2 pct estimated for fiscal 2012.
   In the economic projections for fiscal 2013, which were adopted at Monday's extraordinary cabinet meeting, government officials said that exports will start increasing in summer as the U.S. and Chinese economies are expected to recover from their slumps.
   The 20.2-trillion-yen economy-boosting package and the Bank of Japan's monetary easing are likely to reinvigorate production and corporate capital spending, leading to increases in employment and consumption, they said.

(2013/01/28-14:27)

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