Japan's economy contracted 1.3 per cent in the three months ended June, much less than expected, indicating that the island nation is on the road to recovery after a devastating tsunami in March.
The world's third-largest economy, which is also grappling with an appreciating yen and sluggish exports, was widely expected to shrink by over 2 per cent in the June quarter.
Japan's GDP declined 1.3 per cent in the three months ended June 2011, according to figures released by the Japanese Cabinet Office on Monday. The less-than-expected economic contraction was mainly on account of better consumer spending. Nevertheless, the better economic reading from Japan boosted Asian stock markets on 16th August. Most of the key indices, including Japan's Nikkei 225, China's Shanghai Composite Index and Hong Kong's Hang Sang closed in the green. Stock markets worldwide were rattled last week amid mounting concerns about the health of American economy as well as the escalating European debt turmoil.
The world's third-largest economy, which is also grappling with an appreciating yen and sluggish exports, was widely expected to shrink by over 2 per cent in the June quarter.
Japan's GDP declined 1.3 per cent in the three months ended June 2011, according to figures released by the Japanese Cabinet Office on Monday. The less-than-expected economic contraction was mainly on account of better consumer spending. Nevertheless, the better economic reading from Japan boosted Asian stock markets on 16th August. Most of the key indices, including Japan's Nikkei 225, China's Shanghai Composite Index and Hong Kong's Hang Sang closed in the green. Stock markets worldwide were rattled last week amid mounting concerns about the health of American economy as well as the escalating European debt turmoil.
No comments:
Post a Comment