Japanese economy grew for 8th straight quarter, longest since 1980s

Posted by Daily Shipping Times on 16-02-2018        Tweet

TOKYO: Japan's economy grew for the eighth straight quarter at the end of 2017, Government data showed, the longest period of expansion since the boom days of the late 1980s.Gross domestic product in the fourth quarter of last year rose 0.1 per cent from the previous three months, the Cabinet Office said.

At an annualised rate, the world's third largest economy grew 0.5 per cent. The gains were driven by upturns in consumer spending as well as increased investment by Japanese firms on equipment and facilities. Exports rose but imports increased at a faster pace. The continuing economic growth is good news for Prime Minister Shinzo Abe, who has been trying to fire up the economy with his pro-spending policy. The Japanese economy has enjoyed a period of export-driven growth, helped by a recovering global economy.