LOC10:13
07:13 GMT
TOKYO, Nov 15 (KUNA) -- Japan's economy grew at an annualized pace of 0.9 percent in the July-September quarter, buoyed by robust private consumption, government data showed Friday.
The gain of the gross domestic product (GDP) followed 2.2 percent expansion in the April-June period, according to preliminary data released by the Cabinet Office.
On a quarterly basis, the world's third-biggest economy rose 0.2 percent in the three months ended September 30 from the preceding period.
"Data showed the Japanese economy continues to grow slowly," Economic Revitalization Minister Ryosei Akazawa told a press conference after the Cabinet released GDP data. Akazawa highlighted the effects of wage increases in spring labor-management negotiations, which reached the highest level in 33 years, and solid summer bonuses.
"We expect the economy to continue its gradual recovery thanks to better employment and wage conditions," the minister said.
Personal consumption, which makes up more than half of Japan's GDP, expanded 0.9 percent from the previous quarter, on the back of higher bonuses and strong sales of summer products.
Recovery in auto sales after the resumption of production, which was suspended following fraudulent safety test scandal, also contributed to the expansion.
However, corporate capital spending, another key pillar of domestic demand, declined 0.2 percent. Exports increased 0.4 percent, while imports gained 2.1 percent. GDP is the total value of goods and services produced domestically. (end)
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