The Cabinet Office on Wednesday revised upward its official economic growth forecast for fiscal 2004 to 3.5 percent in real terms from the initially projected 1.8 percent, citing strong private-sector demand and exports.
The new figure, presented at a meeting of the Council on Economic and Fiscal Policy, would represent the nation's fastest expansion in eight years. In fiscal 2003, the gross domestic product grew a real 3.2 percent.
Real GDP, through May, has grown for 28 consecutive months, approaching the record 31 months of consecutive growth logged beginning in December 1954.
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