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Japan Avoids Another Recession
Japan says its economy expanded in July-September by an annualized 1%, reversing last month’s estimate that the country’s gross domestic product shrank by 0.8%.
The increase compares with a revised 0.5% shrinkage in the previous quarter.
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Japan says its economy expanded in July-September by an annualized 1%, reversing last month’s estimate that the country’s gross domestic product shrank by 0.8%.
The increase compares with a revised 0.5% shrinkage in the previous quarter. The uptick averted a technical recession, defined as two consecutive quarters of contracting GDP. Japan’s economy has weathered four such recessions since the great global recession six years ago.
The turnaround is being attributed to revised figures on business investment, which indicate 2.3% growth. The government initially estimated that investment shrank 5%.
Still, economists say Japan’s economic health remains fragile. Prime Minister Shinzo Abe is expected within two weeks to announce new stimulus measures for the remainder of the fiscal year that ends March 31.
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