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The range of projections is pretty broad: GDP growth in 2001, for instance, is set to lie somewhere between 2.6% and 3.6%.
Falling prices play merry hell with normal business practices, and prices are still decreasing in Japan consumer prices by about 1% a year, as they have done since 1999 (or 1995, if your measure is the broad GDP deflator).
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"The sector looks unlikely to make much of a contribution to the solid gain in broader GDP growth expected for the third quarter," said Rob Dobson, senior economist at survey compilers Markit.
"This is obviously nowhere near a strong pace, but it is at least sufficient to prevent the sector from remaining a drag on broader GDP growth.
The south remains a huge drag: in broad terms, GDP in the north may grow by as much as 3% a year, but in the south it shrinks by 2%, pulling the average down.
"It has long been argued that measuring progress is broader than GDP," said Clark.
It examines and compares the behavior of various measures of broad activity: real GDP measured on the product and income sides, economy-wide employment, and real income.
But the worry is that the latest bout of euro sickness may sap confidence even in Germany, aborting a broader recovery.The GDP figures for the first quarter laid bare a widening divide between north and south (see chart).
Gross domestic product (GDP) – a broad measure for the total economy – is forecast to have shrunk by around 0.2% between April and June in its third straight quarter of contraction.
US gross domestic product (GDP) – the broadest measure of economic growth – shrank at an annualized rate of 0.7%.
Friday's report was the second of three estimates for fourth-quarter GDP, the broadest measure of the economy's total output of goods and services.
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