Tokyo, March 9 (IANS) Japan’s economic growth in the October to December 2022 quarter was revised down as private consumption grew less than previously thought, the government said in a report on Thursday.

According to the Cabinet Office, the country’s economic expansion has been revised down from 0.6 percent to a real 0.1 percent year-on-year, Xinhua news agency reported.

On an inflation-adjusted basis, real gross domestic product (GDP) was revised down on a quarterly basis from 0.2 percent to 0.02 percent, the government said.

Private consumption, which accounts for about half of Japan’s GDP, slowed from 0.5 percent in the government’s preliminary report to 0.3 percent.

This is due to high inflation resulting in rising prices in stores and supermarkets, as well as utility bills, with the weakness of the yen driving prices further up and affecting household spending.

Capital spending, also a key driver of the economy, was unchanged from its initial reading, falling 0.5 percent in the October to December period as rising import costs, also interrupted by the country’s weak currency, have led to that companies have kept their capital expenditures in check .

However, government investment rose higher than a preliminary decline of 0.5 percent to 0.3 percent in the recording period, the Cabinet Office said.

In terms of nominal GDP, the government said it grew by 1.2 percent, revised down from 1.3 percent, to 4.7 percent year-on-year, up from a previous 5.2 percent.

–IANS