Japan’s economy avoids a technical recession
Preliminary numbers released last month indicated the economy shrank at an annual pace of 0.8% during the period.
The preliminary figures meant it was Japan’s second consecutive quarterly contraction, which constitutes a technical recession.
However, the new data suggests the economy grew at annual pace of 1%.
On a quarterly basis, the latest economic numbers show gross domestic product (GDP) for the three months to September grew 0.3% – instead of initial report which showed a contraction of 0.2%.
Analysts said Tuesday’s numbers were stronger than expected.
“What’s more, GDP only shrank by 0.1% quarter on quarter [in the three months to June] instead of the earlier reported 0.2%,” said economist Marcel Thieliant of Capital Economics.
Mr Thielant said one reason for the revision was stronger business investment, which edged up by 0.6% instead of the preliminary reported 1.3% quarter on quarter fall.