National News GDP records 1.7% quarterly rise for the first time in 13 1/2 years

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Japan's economy expanded a real 1.7 percent in the October-December period, the best showing in 13 1/2 years, backed by strong corporate capital investment, exports and consumer spending, the Cabinet Office announced Feb. 18.

The real growth in gross domestic product, the value of goods and services produced domestically, would translate into a 7 percent annual expansion. It was the fourth straight quarterly increase and the highest showing since the 2.5 percent expansion registered in the April-June quarter in 1990.

The nominal growth rate for the latest quarter, unadjusted for price changes, was 0.7 percent for the third straight quarterly growth.

During the previous quarter through September, the economy rose only 0.6 percent in real terms and 0.3 percent in nominal terms.

For all of 2003, GDP expanded a real 2.7 percent, a turnaround from a 0.4 percent contraction in 2002, the Cabinet Office reported.

The GDP growth in the October-December period features recovering domestic demand, which contributed 1.3 percentage points to the real growth.

Consumer spending, which accounts for about 60 percent of GDP, expanded 0.8 percent in real terms, the largest since it recorded a 1.3 percent rise during the July-September period in 2002. Products such as flat TVs, DVD recorders and digital cameras helped lift spending.

"The nation's economy has been steadily recovering," Economic and Fiscal Policy Minister Heizo Takenaka said, adding that the annualized 7 percent growth surpassed what most economists in Japan had forecast. (The Japan Times)

GDP四半期の伸びは13年半ぶり

内閣府は18日の国民所得統計速報で、昨年10〜12月期の実質国内総生産（GDP)が前期比1.7％増となったと発表した。

Shukan ST: Feb. 27, 2004

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