The Finance Ministry on Wednesday upgraded its assessment of the nation’s economic conditions, citing recoveries in industrial production and exports of products such as automobiles in the three months through March.
The quarterly survey also detected some improvement in consumer confidence due to the government’s stimulus measures, as well as in employment conditions, the ministry said. The upgrade of the overall assessment was the first since the July-September period.
“There are signs of recovery especially in production activity even as the economy remains in a difficult situation,” the ministry said in a report.
It said industrial output has grown as automakers and general machinery makers have seen overseas demand recover after the global financial turmoil.
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