(AA) – Japan’s economy has emerged from recession, according to the government Monday – although not as much as anticipated.
Kyodo News reported that the economy expanded an annualized real 2.2 percent in the 3rd quarter. In the previous two previous quarters, it had contracted.
According to various news agency surveys, economists had forecast an expansion of 3.7 percent.
The government reported that the growth in October-December inflation-adjusted gross domestic product corresponded to a 0.6 percent increase from the previous quarter.
A Cabinet Office official said that in the fourth quarter, private consumption rose a real 0.3 percent, supported by sales of mobile phones and personal computers.
“Consumer confidence appears to be improving, and looking ahead I think we can be hopeful,” Akira Amari, the country’s economics minister, said at a news conference.
Corporate capital spending gained 0.1 percent following a 0.1 percent decrease in the July-September period, while housing investment shed 1.2 percent after plunging 7.0 percent in the previous quarter. Exports, meanwhile, gained 2.7 percent.