Bloomberg
Published Mar 08, 2021 07:08PM ET
Updated Mar 08, 2021 07:18PM ET
Japan Confirms Double-Digit Growth at End of Pandemic 2020
(Bloomberg) -- Japan confirmed its economy grew by double-digits at the end of last year, according to revised data that continued to show strength even as this quarter’s virus emergency sets back the recovery for the time being.
Gross domestic product grew an annualized 11.7% from the prior quarter in the three months through December, the Cabinet Office reported Tuesday in figures that were a touch weaker than an earlier estimate. Economists had forecast a revised growth rate of 12.6%.
Separate reports showed household spending fell at the start of the resumed emergency by a worse-than-expected 6.1% in January from a year earlier.
Key Insights
What Bloomberg Economics Says...
“Looking ahead to 1Q, we expect a sharp decline in GDP as a result of the latest state of emergency ... When it’s lifted, the economy could see another sharp pickup, propelled by pent-up demand and consumers with excess savings -- assuming the outbreak is brought under control in 1Q.”
-- Yuki Masujima, economist
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Written By: Bloomberg
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