Japan's economy expands, avoids technical recession

PanARMENIAN.Net - Japan's economy avoided a technical recession in the three months to September, according to revised official numbers released on Tuesday, December 8, according to Reuters.

Preliminary numbers released last month showed the economy had contracted an annualised 0.8% during the period. The preliminary figures meant it was Japan's second consecutive quarterly contraction, which constitutes a technical recession.

However, the revised figures show the economy expanded at an annualised 1%.

Japan, which is the world's third-biggest economy, has been in recession four times since the global financial crisis.

On a quarterly basis, the latest economic numbers show gross domestic product (GDP) for the three months to September grew 0.3% - instead of initial report which showed a contraction of 0.2%.

Analysts said Tuesday's numbers were stronger than expected.