Japan ups growth rateJune 8th, 2012 - 1:05 pm ICT by IANS
Tokyo, June 8 (IANS) Japan Friday raised its economic growth to 4.7 percent for the January-March quarter from the previous 4.1 percent.
The real GDP figure for the period is equivalent to a 1.2 percent expansion from the previous quarter, higher than a growth of 1.0 percent reported earlier, the Cabinet Office said.
While the earlier figure had beaten the average market forecast, the upgrading revealed a steady recovery from the quake-tsunami disaster of last March which hit the nation’s export sector by smashing the supply chains of manufacturers and destroying factories, Xinhua reported.
The world’s third largest economy was also battered by the appreciating yen, which eroded the profits of companies reliant on exports, and the massive flooding in Thailand that affected the production capability of Japanese manufacturers.
Due to strong GDP growth figure, Japanese government raised its overall view of economy for the first time in nine months in May. The Cabinet Office said that the economy is running on a track to recovery at a moderate pace. The upward assessment was attributed to the pickup on reconstruction demand, expanding consumer spending and exports.
- Japan's GDP growth lowered to 5.6 percent - Dec 09, 2011
- Japan's economy contracts - Feb 13, 2012
- Japan's exports fell in October - Nov 21, 2011
- Manufacturing leads India's Q1 8.8 percent growth (Lead) - Aug 31, 2010
- Indian economy hit by high inflation, slowing growth (2011 in Retrospect) - Dec 28, 2011
- Indian economy grows at a sluggish 5.5 percent in Q1 (Lead) - Aug 31, 2012
- Japan's central bank holds key rate steady - Dec 21, 2011
- Honda Motor quarterly net profit surges - Jul 31, 2012
- India's economic growth dips to 9-year low of 5.3 percent (Roundup) - May 31, 2012
- Economy may grow close to 8 percent in fourth quarter: Assocham - Mar 28, 2010
- China's 2011 GDP growth revised upward - Sep 05, 2012
- China is now world's second-largest economy - Feb 14, 2011
- GDP logs slowest quarterly growth in 3 years (Lead) - Feb 29, 2012
- US economy expands 1.3 percent in Q2 - Jul 30, 2011
- US boosts second-quarter growth estimate to 1.3 percent - Sep 30, 2011
Tags: cabinet office, consumer spending, economic growth, export sector, factories, flooding in thailand, gdp, gdp growth, japanese government, japanese manufacturers, massive flooding, moderate pace, nine months, production capability, quake tsunami, real gdp, supply chains, tsunami disaster, ups, xinhua