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Tags: AS | Japan | Economy

Latest Data Show Japan's Economy Shrank 1.1 Pct in Oct-Dec

Monday, 07 March 2016 08:10 PM

TOKYO (AP) — Japan's GDP contracted at a 1.1 percent annualized pace in the last quarter in further evidence the world's third-largest economy is failing to gain traction despite unprecedented efforts by the central bank to spur more growth.

The revised figures released Tuesday compared with a 1.4 percent expansion in the July-September quarter. They showed a modest improvement over the previous estimate of a 1.4 percent contraction in October-December.

But the latest data suggest Japan's growth has remained tepid in early 2016, raising the likelihood of further government action to help boost growth. That could include further moves by the Bank of Japan to encourage lending, extra government spending and possibly a second delay in a sales tax hike scheduled for April 2017.

"Companies have not been as downbeat about production in the month ahead since the 2008 recession. What's more, consumer spending fell further in January as indicated by dips in 'core' household spending and retail sales," Marcel Thieliant of Capital Economics said in a commentary.

In quarterly terms, the economy shrank 0.3 percent in the last quarter compared with a preliminary estimate of a 0.4 percent contraction.

Business investment climbed 1.5 percent, helping to offset a decline in spending on housing. Overall public investment dropped 3.4 percent.

Japan's economy grew 0.5 percent in 2015 after flat-lining in 2014.

© Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Asia
Japan's GDP contracted at a 1.1 percent annualized pace in the last quarter in further evidence the world's third-largest economy is failing to gain traction despite unprecedented efforts by the central bank to spur more growth.The revised figures released Tuesday compared...
AS,Japan,Economy
220
2016-10-07
Monday, 07 March 2016 08:10 PM
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