Japan's government expects the nominal economic growth to exceed real expansion in fiscal 2013 for the first time since 1997 and also sees an end to deflation in the economy.
In the latest set of forecasts, published by the Cabinet Office on Friday, the government projected real economic growth of 1.7 percent for the fiscal 2013, following an estimated expansion of 2.2 percent in the current year ending March 2013.
The real GDP estimate matches the Bank of Japan's forecast. The real growth estimate for the current fiscal year was left unchanged from the government's previous projection.
According to the latest estimate, the nominal GDP growth is seen at 1.9 percent for fiscal 2013. This is set to exceed inflation-adjusted real growth next year for the first time in 16 years.
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