Japan posts forecast-beating growth in third quarter

The Japenese economy expanded a better-than-expected 0.5 percent quarter-on-quarter for an annualised rate of 2.2 percent Gross Domestic Product (GDP) growth, the Cabinet Office saidJapan’s economy expanded more than expected in the third quarter as exports offset slack consumer spending, government data showed Monday, offering up some rare good news for the country’s struggling growth project. The world’s third-largest economy expanded 0.5 percent on-quarter between July and September, and 2.2 percent gain on an annualised basis, the Cabinet Office said. The wobbly trend has put Japanese officials under pressure to deliver as economists increasingly write off Prime Minister Shinzo Abe’s attempts to cement a lasting recovery.

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