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Japan grows in first quarter
JAPAN’S economy rebounded sharply in the first quarter, official data showed yesterday.
GDP expanded by one per cent in the three-month period, far outstripping the Eurozone, which registered no growth, and the US, which saw growth of just over 0.5 per cent.
That compares with a two per cent decline in Japan in the same quarter of 2011 in the wake of the earthquake and tsunami that hit in March.
Private consumption rose 1.1 per cent in the quarter and public investment increased by 5.4 per cent.
Exports also rose by a surprisingly strong 2.9 per cent despite relatively slow growth in major export markets.