Japan's economy grew 0.6 per cent over previous quarter

Tokyo - Japan's economy grew 0.6 per cent in the third quarter from July to September over the previous quarter, thanks to increasing exports and consumer purchases, the Japanese government said Tuesday. The figure prompted projections that Japan's economy would grow 2.6 per cent for the year - higher than the 1.8 per cent that had been anticipated by economists, after the giant economy shed at a 1.6-per-cent annualized rate in the second quarter. Consumers drive 55 per cent of the Japanese economy, and consumption grew by an unexpected 0.3 per cent in the second quarter, while exports were up 2.9 per cent. Despite the positive economic news, financial markets anticipated that Japan's Central Bank would not increase interest rates later Tuesday out of worry over an economic cool-down. Investments in home construction fell by 7.8 per cent after a change in the laws - the largest drop in ten years. In addition, investors are worrying about the risks of an economic downswing in the United States, Japan's largest export market. © 2007 dpa - Deutsche Presse-Agentur

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Japan's economy grew 0.6 per cent over previous quarter

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