Thursday, 30th April 2009
In General Japan News,
Boost for Japanese economy
Japan's economy received a boost this week as new figures revealed that industrial output rose during March.
The Ministry of Economy, Trade and Industry announced on Thursday (April 30th) that production was up by 1.6 per cent in this sector - the first increase in six months.
However, it was not all good news. The Bank of Japan predicted that the country's economy would continue to contract over the next year and at a quicker rate than previous projections - an increase from two per cent to three per cent.
The shrinkage is in line with the expected contraction for the 2008 financial year, which finished at the end of March.
Japan has the world's second largest economy behind the US, with its GDP measured at $4.844 trillion (£3.266 trillion) by the CIA World Factbook in 2008.
According to that source, its industrial production grew by an estimated 0.5 per cent last year.
Written by Mike Cotgreave