Japan avoids recession as growth figures revised

Official revised growth figures show Japan has avoided falling into a technical recession. 

The new data shows GDP was 0.4% higher in the last three months of 2023 compared to a year earlier. 

Provisional figures released last month indicated the second consecutive quarter of economic contraction.

But the revised figures still came below expectations, as some experts had forecast an upward revision to fourth quarter GDP of around 1%. 

Japan’s uneven economic performance may see another contraction in the current quarter due to the impact of issues including a slowdown of neighbouring China’s economy and a suspension of production at car maker Daihatsu.

The upward revision to the fourth quarter GDP came as expectations are growing that the country’s central bank could soon raise interest rates.