Japan fourth quarter growth beats expectations

Date: Monday 15 Feb 2010

Growth of 1.1% in the final quarter of 2009 helped Japan maintain its status as Asia’s biggest economy.

The figure is the equivalent of an annualised increase of 4.6%, which was ahead of expectations.

Japan’s GDP for 2009 was $5.1trn, ahead of China’s output of $4.9trn.

However, Japan remains cautious. Its economy contracted by 5% over the whole of 2009, while China’s expanded by 8.7%.

Consumer spending accounts for about 60% of Japan’s economy, but the country has been haunted by deflation and weak demand.

‘Downside risks, such as unemployment and the situation of overseas economies, still exist,’ said finance minister Naoto Kan.

‘We can't be optimistic.’

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