Japan reports its economy grew at an annualized rate of 1.6 percent in October-December, much stronger than the initial estimate, thanks to strong domestic demand and private investment.
The revised government data issued Thursday by the Cabinet Office compared with a preliminary estimate of 0.5 percent annualized growth in GDP — the total value of a nation’s goods and services.
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Revised upward among the data were domestic demand and private investment excluding spending on housing.
Prime Minister Shinzo Abe has been pushing his “Abenomics” program, based on stopping deflation and loosening old-style regulations that have discouraged new and foreign businesses.
He has also pumped in public spending to keep growth going. Critics say Abenomics hasn’t helped the poor enough.
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