Japan's economy narrowly averted a recession at the end of last year, barely growing in the fourth quarter on frail consumption, revised data showed, underscoring the challenge for policymakers trying to shore up a stuttering recovery
The expansion translates into an almost flat 0.02% quarter-on-quarter change, data released by the Cabinet Office showed, against a preliminary reading and economists' estimate for 0.2% growth.
"There was a less strong recovery in services , while rising inflation likely curbed consumption as well," said Wakaba Kobayashi, economist at Daiwa Institute of Research.Private consumption, which makes up more than half of the country's GDP, grew 0.3%, the data showed, downgraded from an initial estimate of a 0.5% increase.
Spending on services such as restaurants and hotels, as well as goods, were less solid than previously estimated, the data showed. Capital spending fell 0.5%, unchanged from a preliminary estimate and compared with a median market forecast for a 0.4% contraction, even as Ministry of Finance data last weekDomestic demand as a whole knocked 0.3 percentage point from revised GDP growth, slightly more than initially estimated, while net exports added 0.4 percentage point.
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