Japan reported 1% gross domestic product growth in the first quarter of 2012, compared to the fourth quarter of the previous year. The government specified it, releasing better data than expected. On an annual basis, the growth of the world's third largest economy was 4,1%, driven by public support for reconstruction projects in the areas devastated by the March 2011 earthquake and by subsidies for the purchase of ecological cars.
“Our country's economy continues its expansion”, commented the Minister for Economic Policy, Motohisa Furushima.
Japan's March industrial production was also revised up to 95,6 points, highlighting an increase of 1,3% on a monthly basis, instead of the 1% of the first estimate. This was communicated by the Japanese Ministry of International Trade and Industry (METI) which has published the revised data.
The figure beat analysts' expectations which were up by a slight adjustment to 1,1%. On an annual basis, production showed a positive variation of 14,2%.
Again in March, deliveries were revised upwards to +0,5% from -0,1% of the preliminary estimate while inventories were confirmed to increase by 4,3%. The inventory ratio stands at 4,4 (4,6 at first reading).
