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Leadership
Japan remains world’s No 2 economy
15.02.2010
Japan’s economy grew a better-than-expected 1.1pc in the final three months of 2009, official figures released today have revealed.
According to government figures, this corresponds to an annualised growth rate during the October to December quarter of 4.6pc.
The fourth-quarter growth was driven by a rise in exports and an improvement in domestic demand, the Japanese Government said in its preliminary report.
However, despite a growth spurt during the final quarter, the Japanese economy contracted by 5pc across 2009, leaving it with nominal gross domestic product (GDP) of just under US$5.1tr, which is just marginally ahead of China’s US$4.9tr.
The figures mean Japan remains the world’s second-biggest economy, although China is drawing close and it is now only a matter of time until it is expected to overtake the Japanese economy.
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