TOKYO (AP) – The Japanese economy grew at an annual pace of 0.6 per cent in October-December, the government reported yesterday, managing to eke out growth after a contraction in the previous quarter.
The world’s third-largest economy has struggled amid restrictions related to the coronavirus pandemic, a shortage of imported parts from China and rising prices – especially energy – worsened by inflationary pressures and the war in Ukraine.
But the easing of COVID-19 restrictions, both abroad and in Japan, has helped a recovery in tourism and other economic activity.
The Cabinet Office reported the economy grew 0.2 per cent in the last quarter, compared with July-September, when it contracted 0.3 per cent. It grew 1.1 per cent in April-June.
For the whole year of 2022, the seasonally adjusted real gross domestic product, which measures the value of goods and services a nation produces, grew 1.1 per cent from the year before.
