Japan's economy avoids recession by growing in last year's final quarter, according to revised data
Japan’s economy managed to grow in the fourth quarter of last year, averting a recession, according to revised government data released Monday that had previously shown a contraction
By AP News
Published - Mar 11, 2024, 04:24 AM ET
Last Updated - Mar 11, 2024, 10:27 PM EDT
TOKYO (AP) — Japan's economy managed to grow in the fourth quarter of last year, averting a recession, according to revised government data released Monday that had previously shown a contraction.
Real gross domestic product, or GDP, grew in October-December at an annual pace of 0.4% instead of a contraction of 0.4%, according to the Cabinet Office.
Real GDP is a measure of the value of a nation’s products and services. The annual rate measures what would have happened if the quarterly rate lasted a year.
The revision reflects an improvement in private capital investment. It also means Japan avoided sinking into a technical recession, generally defined as two straight quarters of contraction.