Society

Japan's GDP grows for 8th quarter

Feb 15 (NHK) - Japan's Cabinet Office says the country's Gross Domestic Product from October to December 2017 grew 0.1 percent compared to the previous quarter based on preliminary data.

That works out to an annualized growth of 0.5 percent.

This means the economy expanded for an 8th straight quarter, which is the longest growth period in nearly 3 decades.

Domestic demand boosted GDP. Consumer spending climbed 0.5 percent, marking the first increase in 2 quarters. The auto and restaurant industries saw strong sales.

Capital investment was up 0.7 percent. This was due partly to an increase in machinery purchases to cope with a labor shortage.

Exports rose 2.4 percent, thanks to strong shipments of smartphone parts and automobiles. But higher oil prices lifted the value of imports.

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