Macroeconomic round up: Japan back out of recession

Jason Walls breaks down the week's biggest news in macroeconomics on NBR Radio, and on demand on MyNBR Radio.

NBR Radio
Fri, 11 Dec 2015

Click the NBR Radio box for on-demand special feature audio: Macroeconomic round up: Japan back out of recession

It has been an emotionally draining year for Japan watchers.

In March, the economy clawed its way out of a recession only to be thrown back in last month.

But in the latest twist, it turns out Japan was not actually in a recession at all.

Third-quarter GDP figures revealed the economy had expanded at an annualised rate of 1% in the third quarter.

The Cabinet Office had originally revealed the economy had contracted by 0.8%.

The revised data revealed business data was more buoyant and business and consumer investment had increased.

But Japan's unexpected economic spring is not being repeated by its western neighbours.

This week, China’s exports fell for a fifth consecutive month, while imports have continued its decline in every month this year.

Exports in November tumbled by almost 7% year on year, with imports falling almost 9%.

This leaves the People’s Republic with a trade surplus of just over $54 billion.

Also this week, oil prices continued its journey south – with crude oil dropping below $40 a barrel.

This follows Opec members failing to agree on output targets.

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NBR Radio
Fri, 11 Dec 2015