Japan edges out of recession

Japan posted its third straight current account deficit in January. Photograph: Yoshikazu Tsuno/AFP/Getty Images

Japan's economy did better than thought in the last quarter of 2012, eking out a slight expansion instead of shrinking.

The government upgraded its annualised growth figure for the fourth quarter to 0.2%, suggesting the world's No 3 economy is emerging from recession.

The change raises growth for full-year 2012 to 2% from the originally recorded 1.9%. Growth was flat in October-December from the previous quarter.

Preliminary data had reported a 0.4% contraction from a year earlier, and a 0.1% contraction from the previous quarter.

The revision reflected higher than originally reported corporate spending and private consumption.

Meanwhile, the finance ministry said Japan logged a deficit in its current account of ?364.8bn (?2.6bn) in January, the third straight month of deficit.

Source: http://www.guardian.co.uk/business/2013/mar/08/jaspan-economy-recession-gdp-growth-revised

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