Note 1-3
- Japanese version
- English version
(3) The GDP deflator shows that the economy has continued to post negative growth since the July-September quarter of 1994, except for FY1997 when the consumption tax rate was raised. Since the first economic recovery phase since the beginning of 1990 was from November 1993 to May 1997, the GDP deflator posted year-to-year increases for about the first three quarters of the recovery phase.