The long-suffering Japanese economy appears to have turned the corner, posting 0.5% growth in the second quarter of 2002.
Although tiny, the increase follows four consecutive quarters of contraction – the first time this has happened since records began in 1980.
It had been thought that Japan’s economy expanded in Q1 [WAMN: 10-Jun-02], but the Cabinet Office has revised figures for that quarter to show a 0.1% drop. For the fiscal year ended March 2002, GDP fell 1.9%.
Having hit bottom, Japan’s economy will, it is thought, rely on overseas demand to spur recovery, as the domestic market continues to languish.
Data sourced from: The Wall Street Journal Online; additional content by WARC staff