Monday, 10th September 2012
In Business In Japan,
Japan's growth numbers revised down amid poor quarterly results
The Japanese economy grew at a slower-than-expected rate between April and June, forcing economists to revise down figures for the second quarter.
Original estimates suggested the economy would increase by 1.4 per cent during the period, however, it expanded at an annual rate of just 0.7 per cent.
In comparison to the previous quarter, the economy grew 0.2 per cent, below forecasts of 0.3 per cent.
The cause for these figures is a combination of poorer investment from the US and Europe, as well as less domestic demand.
Chief economist at Japan Research Institute Hideki Matsumura suggested the economy would face further weakness throughout the year.
He was quoted by the AFP as saying: "I'm afraid that we are going to see more and more negative economic data from now on."
The economist also predicted a fall in the country's gross domestic product later in the year.
Japan's main exports include consumer electronics, cars, semiconductors and copy machines, and it is heavily reliant on trade partnerships with the US, China and the EU.
Posted by Susan Ballion