Japan posts GDP growth to move out of recession

17 August 2009 11:11  [Source: ICIS news]

LONDON (ICIS news)--Japan has become the third G7 member to move out of recession after preliminary figures released on Monday showed the country’s GDP grew by 0.9% in the second quarter.

Japan followed Germany, France and Hong Kong in posting GDP growth for the second quarter of 2009.

Japan hosts Asia’s largest economy and any improvement there would be felt around the region and within Asia’s chemical industry.

Japan’s chemical sector had been suffering after the country’s GDP contracted for five successive quarters. Exports of plastics, production of ethylene and imports of naphtha all fell in the three months to 30 June compared with the same period last year.

Economists and analysts warned that some of the GDP growth had been driven by stimulus steps taken by the government. While the economy was set to continue to benefit from these from June to September, by the final three months of 2009 the packages were expected to have run their course, they added.

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By: Lucy Craymer
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