Japan recovery on track as Q1 GDP expands 4.7%
Source: Bloomberg News |
June 9, 2012, Saturday
|
Print Edition
Print Edition
JAPAN'S economy expanded more than the government initially estimated in the first quarter of this year, adding to evidence that the world's third-largest economy will sustain its recovery this year.
Gross domestic product grew an annualized 4.7 percent in the three months ending on March 31, the Cabinet Office said in Tokyo yesterday, compared with a preliminary estimate for a 4.1 percent expansion. The median forecast of 18 economists was for 4.5 percent growth.
The report includes an upward revision to private demand, signs that the domestic economy is recovering as rebuilding from last year's earthquake kicks in and government incentives for buying fuel-efficient cars boost consumption. At the same time, Japan is at risk from a deepening European debt crisis that is spurring gains in the yen that could weigh on profits of exporters.
A rebound in demand in Japan and the United States has prompted automakers such as Toyota Motor Corp and Nissan Motor Co to forecast higher profits. Toyota said last month that profit will more than double to a five-year high. Nissan also forecast that profit will rise to the highest in five years.
Gross domestic product grew an annualized 4.7 percent in the three months ending on March 31, the Cabinet Office said in Tokyo yesterday, compared with a preliminary estimate for a 4.1 percent expansion. The median forecast of 18 economists was for 4.5 percent growth.
The report includes an upward revision to private demand, signs that the domestic economy is recovering as rebuilding from last year's earthquake kicks in and government incentives for buying fuel-efficient cars boost consumption. At the same time, Japan is at risk from a deepening European debt crisis that is spurring gains in the yen that could weigh on profits of exporters.
A rebound in demand in Japan and the United States has prompted automakers such as Toyota Motor Corp and Nissan Motor Co to forecast higher profits. Toyota said last month that profit will more than double to a five-year high. Nissan also forecast that profit will rise to the highest in five years.
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