Japan acknowledges China has overtaken it as world’s second-largest economy
February 14th, 2011 - 2:04 pm ICT by ANINew Delhi, Feb 14 (ANI): China’s economy has surpassed Japan’s as the world’s second largest in 2010, the Japanese Cabinet Office has said.
China was acknowledged last year as having grown to the world’s second-largest economy, but the Japanese data confirming it was not available until Monday.
It further showed a late-year downturn was Japan’s first quarterly contraction in more than a year.
Japan’s nominal GDP last year came to 5.4742 trillion dollars, less than China’s total of 5.8786 trillion dollars, the Cabinet Office said.
Gross domestic product shrunk at an annualized rate of 1.1 percent in the October-December quarter, a sharp reversal from a revised 3.3 percent expansion in the third quarter, Xinhua quoted Japan’s Cabinet Office, as saying.
Japanese Prime Minister Naoto Kan has pledged to revive the economy and make major reforms in the country’s tax and social welfare systems.
His approval ratings are eroding quickly, however, as voters question his government’s ability to lead the country through its pressing problems. (ANI)
- China is now world's second-largest economy - Feb 14, 2011
- Japan's GDP growth lowered to 5.6 percent - Dec 09, 2011
- Japan's economy growth slows, overtaken by China - Aug 16, 2010
- Yoshihiko Noda set to become Japanese PM - Aug 29, 2011
- Naoto Kan chosen Japan's new PM (Lead) - Jun 04, 2010
- Japanese prime minister retains power - Sep 14, 2010
- E-commerce to make even bigger gains - Mar 28, 2012
- China overtakes Japan as world's second-largest economy - Aug 16, 2010
- Infosys asks employees to come back from quake-hit Japan - Mar 15, 2011
- Gillard visits tsunami-ravaged Japanese town - Apr 23, 2011
- Japan's PM announces resignation - Aug 26, 2011
- China holds 1.6 trillion dollars of US debt: Treasury Department - Mar 02, 2011
- Tokyo to cover all reconstruction costs in quake-hit areas‎ - Mar 28, 2011
- It's desirable that China frees Nobel Peace Prize winner Liu: Japanese PM - Oct 15, 2010
- Unease in China over Oz enhancing defense ties with Japan, S. Korea - Apr 22, 2011
Tags: approval ratings, cabinet office, china, contraction, downturn, economy, feb 14, gdp, gross domestic product, japan, japanese cabinet, japanese data, japanese prime minister, New Delhi, nominal gdp, social welfare systems, trillion, xinhua