Japan dodges recession

Japan has dodged falling into a technical recession after a revision of government data shows its economy grew in the last three months of 2023, rather than shrank as was indicated by preliminary figures.

It means gross domestic product in the October-December period increased by 0.4 per cent when compared with the same quarter of 2022.

Provisional figures released in February had shown a second consecutive quarter of contraction for Japan, which is considered a technical recession< https://autofile.co.nz/japan-slips-into-recession->.

However, the revised figures were still below the expectations of some economists who had forecast an increase in GDP of about one per cent, reports the BBC< https://autofile.co.nz/japan-slips-into-recession->.

The amended data from Japan’s Cabinet Office also reveals private consumption fell by 0.3 per cent for the period.

Analysts warn the country’s uneven economic performance may bring a contraction in the current quarter due to the impact of issues such as the suspension of production at carmaker Daihatsu and a slowdown in China’s economy, notes the BBC.