Japan revises fiscal 2007 growth higher to 1.9pc
Wednesday, 3 December 2008
TOKYO, Dec 2 (AP): Japan revised its reading of fiscal 2007 economic growth higher to 1.9 per cent from 1.7 per cent Tuesday, citing a stronger-than-expected expected rise in capital investment.
The main reason for the revision was that private-sector investment, including factories and equipment, grew 2.3 per cent, instead of the earlier estimate showing a 0.1 per cent contraction in the fiscal year ended March 2008, the cabinet office said.
Japan's economy, which slipped into recession in the third quarter of this year, had racked up six straight fiscal years of expansion since 2002 after climbing out of a period of stagnation in the 1990s.
The main reason for the revision was that private-sector investment, including factories and equipment, grew 2.3 per cent, instead of the earlier estimate showing a 0.1 per cent contraction in the fiscal year ended March 2008, the cabinet office said.
Japan's economy, which slipped into recession in the third quarter of this year, had racked up six straight fiscal years of expansion since 2002 after climbing out of a period of stagnation in the 1990s.