Japan's GDP up 2.2 pct; longest winning streak over a decade, says gov't

TOKYO, May 18 (KUNA) -- Japan's economy expanded at an annualized pace of 2.2 percent in the January-March period for a fifth straight quarter of growth, driven by consumer spending and exports, the government said Thursday.
The gross domestic product (GDP) rose following a 1.2 percent expansion in the previous quarter, according to preliminary data released by the Cabinet Office.
The economy recorded the longest growth streak since 2006. On a quarterly basis, the world's third-biggest economy's GDP rose 0.4 percent in the three months ended March 31 from the October-December period.
Personal consumption, which accounts for about 60 percent of Japan's GDP, gained 0.5 percent. Corporate capital spending, another key pillar of domestic demand, increased 0.2 percent.
In regards to foreign demand, exports expanded 2.1 percent, thanks to solid shipments to Asia.
"Japan's economy is on a moderate recovery trend and it is expected to recover gradually on the back of improvement in employment and income conditions," Economy and Fiscal Policy Minister Nobuteru Ishihara told a press conference after the Cabinet released GDP data.
GDP is the total value of goods and services produced domestically. (end) mk.hs