The Cabinet Office might revise upward the government’s estimate of real gross domestic product for fiscal 2003, economic and fiscal policy minister Heizo Takenaka said Friday.
“Although we said initially it would be 0.6 percent growth, there is a higher base at this point,” he said. “I want to consider having the Cabinet Office present its view.”
He said the Cabinet Office would need about two weeks to come up with a figure.
Earlier in the week, the government revised the April-June GDP data to a real 1 percent growth from the previous quarter. Its preliminary report said there had been a 0.6 percent expansion.
It was the fastest spurt since the 1.3 percent reported for the October-December quarter of 2000 and translates into an annualized growth of 3.9 percent, revised upward from the earlier reported 2.3 percent growth.
“We want to make this the start of Japan’s revitalization,” Takenaka said. “We will continue to carry out policies while issuing the message that the direction of the reforms is correct.”