TOKYO – Japan’s economy expanded 0.5 percent in the fourth quarter of 2017 compared to the same period of the previous year, marking the eighth consecutive quarter of growth and its longest period of positive readings since 1989, the Japanese government announced on Wednesday.
The gross domestic product (GDP) of the world’s third largest economy grew 0.1 percent over the previous quarter, according to data published by the Cabinet Office.
Domestic consumption, the main pillar of the economy, grew 1.9 percent over the previous year and 0.5 percent over the previous quarter.
The projected data reflects the longest period of consecutive growth in Japan after the country previously achieved 12 quarters of positive readings in a row in 1989.
GDP growth, however, was below analysts’ expectations as well as the figure achieved in the third quarter of the same year, when Japanese GDP rose 2.5 percent year-on-year and 0.6 percent quarter-on-quarter.
In addition to domestic consumption, which makes up almost 60 percent of the Japanese economy, the increase in exports was another of the main components that contributed to the growth in the last quarter of 2017.
Exports expanded 10 percent year-on-year, and 2.4 percent quarter-on-quarter. Imports grew 12 percent year-on-year and by 2.9 percent quarter-on-quarter.