Japan ekes out economic growth in recovery from pandemic

Japan’s economy grew at an annual rate of 1.3% in the last quarter, raising hopes for a gradual recovery from the painful impact of the coronavirus pandemic

TOKYO -- Japan’s economy grew at an annual rate of 1.3% in the last quarter, raising hopes for a gradual recovery from the painful impact of the coronavirus pandemic. The Cabinet Office reported Monday seasonally adjusted gross domestic product, or GDP, the sum of the value of a nation’s products and services, grew 0.3% in April-June, marking a reversal from the 0.9% contraction in the previous quarter for the world’s third-largest economy. The annualized rate is how much the economy would have grown or contracted had the on-quarter rate continued for a year. Underlining growth for April-June in Japan were private consumption, rising at an annual rate of 3.4%, and private residential investment, which grew at an 8.6% annual rate.