The Japanese economy grew by 1.6% yoy in Q4 2017, shows the revised data of the Japanese government, which initially estimated an increase of 0.6% in gross domestic product (GDP). These data also exceed the forecasts of analysts for expansion of 0.8%, and reported eighth consecutive quarter of growth. This is the longest period of GDP growth in the country over the past 28 years, the government added.
The Japanese economy has grown for eight straight quarters as global demand for exports fueled record corporate profits and rising business investment.
There is also an also upgrade in Japanese economic growth figures in the third quarter to 2.4% against 2.2% of the February estimate.
The private consumption, which is an important component of Japan’s GDP, rose by 0.6% in the October-December period, according to the revised data, following the expected 0.2% and the initial estimate of 0.3%.
The exports increased by 2.4% and there was no change compared to the initial estimates.
In 2017, Japan achieved an increase in exports by 11.8% from the previous year to 78.3 trillion JPY (727 billion USD), shows the finance ministry assessment.