Japan's 4th quarter GDP growth misses expectations

By Tuba Sahin

ANKARA (AA) - Japan’s economy grew at a slower pace than market estimate in the fourth quarter of last year, according to preliminary data from the Cabinet Office on Tuesday.

Japan's gross domestic product rose 0.6% year-on-year in the October-December period of 2022, missing the market forecast of a 2% hike.

The figure returned to growth after a revised 1% contraction in the previous three-month period.

On a quarterly basis, the world’s third-largest economy grew 0.2% in the three months to December, below the market estimate of a 0.5% rise.

Private consumption, which accounts for more than half of the country's GDP, rebounded in the final quarter of last year, up 0.5%, while government spending climbed 0.3%.