A rising emerging Asia tide floats all boats, even Japan, whose economy grew robustly in the fourth quarter:
Gross domestic product rose an annualized 3.6 per cent in the three months ended Dec. 31, following a 1.3 per cent expansion in the third quarter, according to the median forecast of 23 economists surveyed by Bloomberg News.
Japan’s economy expanded 0.9 per cent from the previous quarter, the survey showed. Overseas shipments increased 5.3 per cent in the fourth quarter from the previous three months, analysts surveyed said. Net exports, or shipments minus imports, may have added 0.5 percentage point to growth.
It appears that strong exports boosted fourth quarter GDP expansion by over 50% (0.5 / (1.3 – 0.5) ). On an annualized basis, 3.6% is strong when put into context with Japan’s recent GDP figures, higher than any quarter shown below except Q1 2004 based on data from Trading Economics.