Japan revamping how it measures GDP data to reflect 'sharing economy'

Tokyo

JAPAN is set to revamp how it measures gross domestic product data in the coming years by better incorporating new consumption trends such as the sharing economy and changing quality of education and medical services, officials said on Monday.

The move comes in response to criticism that the country's economic data fails to grasp actual economic activity as analysts see the components lagging behind changing trends of private consumption that accounts for some 60 per cent of the economy.