Economists Estimate 2009 Q1 GDP at -12.8%, Expect Positive Growth in Q4

According to a survey compiled by the Economic Planning Association, a Cabinet Office-affiliated think tank, 37 economists at private research institutions estimate the growth rate of real GDP in 2009 Q1 will be -12.76%. The respondents believe the economy will continue to shrink in Q2 and Q3 at the rate of -1.46% and -0.35% respectively, while they expect a positive 1.72% growth in Q4. FY 2008 GDP is estimated at -2.99%, FY 2009 GDP is forecasted at -4.53%.