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Japan's GNP grew favorably in the first-half of FY1977, tapered off in the
second half, then regained strength in early 1978 with a zigzag pattern suggestive
of poor recovery as in the preceding year.
Real GNP growth was 5.8% in FY1976 as compared to 5.5% in FY1977. In FY1976
production growth in mining and manufacturing rose 10.8% over the preceding
year and rose a token 3.2% in FY1977 as compared with FY1976. This was because
while increased exportation and government expenditures stimulated the Japanese
economy, they failed to encourage corresponding personal consumption expenditures,
and private equipment investment was influenced by the resultant inventory adjustment
process.
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