Recession avoided in first quarter of 2016 but little sign that ‘Abenomics’ is bringing about a sustained improvement in the economy
Japan sidestepped a recession with annualised growth of 1.7% in the first quarter of 2016, preliminary data showed on Wednesday. But the reading underscored how the drive for a firm recovery in the world’s number three economy is not gaining traction.
The improvement in the country’s gross domestic product between January and March at a quarterly rate of 0.4% came after a contraction in the last three months of 2015. A consumer spending rebound helped drive the better-than-expected figures but the leap year added another day of production – and spending – to the economy’s performance.
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