Japan's GDP grows 4.6% in 4Q

 

On February 15, the Cabinet Office of the Government of Japan announced that Japan’s GDP grew by 1.1% from previous quarter – at a 4.6% annualized rate - in the October to December quarter in 2009, the third consecutive quarter of expansion.

 

In October-December, consumer spending rose for the third straight quarter, up 0.7% from the previous quarter. Corporate capital spending increased 1.0%, the first expansion in seven quarters.  Exports of Goods and Services increased 0.5%, the third consecutive quarter of expansion.  Public Investment decreased 1.6%.

 

In 2009, Real GDP increased ▲5.0% and Nominal GDP grew ▲6.0%; the second consecutive decrease for both, and it was the worst growth in the post-war period.    

 

Deputy Prime Minister, Finance Minister and State Minister for National Strategy, Economic and Fiscal Policy, Naoto Kan said in a news conference that although the risk of Japan experiencing a double-dip recession is receding, we can not be optimistic as we still have concerns on the severe unemployment conditions and the downside risks of foreign economies.  He also said that by keeping wary and approving the FY2010 budget as soon as possible, we will respond such issues with our continuous efforts.