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| Japan's economy grows faster than expected | |
| (36 minutes later) | |
| Japan's economy grew faster than expected between January and March boosting hopes that the economy is recovering from last year's recession. | |
| The economy expanded 0.6% in the period compared to the previous quarter, marking its second consecutive quarter of growth. | The economy expanded 0.6% in the period compared to the previous quarter, marking its second consecutive quarter of growth. |
| The result was far better than the 0.4% analysts had expected. | The result was far better than the 0.4% analysts had expected. |
| On an annualised basis, the economy grew 2.4% in the period against forecasts of 1.5%. | |
| Analysts said the first quarter growth rate was "very positive". | Analysts said the first quarter growth rate was "very positive". |
| "The recovery seems to be well on track," said Tony Nash, chief economist at Complete Intelligence. | "The recovery seems to be well on track," said Tony Nash, chief economist at Complete Intelligence. |
| "This must bring a smile to Prime Minister Abe's face and is a vindication that his economic policies are moving things in the right direction." | "This must bring a smile to Prime Minister Abe's face and is a vindication that his economic policies are moving things in the right direction." |
| The country came out of recession in the fourth quarter of last year. | The country came out of recession in the fourth quarter of last year. |
| Japan relies on domestic consumption for about 60% of its economy, but it has been recovering from a sales tax hike which has dampened spending. | |
| Private consumption and capital spending were both up 0.4% in the quarter, however capital spending was expected to rise by 0.8%. |