Japan’s biggest expansion in more than a half century outpaced expectations as exports and consumption powered growth, though the recovery is likely to cool this quarter as the virus sets new infection records at home and overseas.
Gross domestic product grew an annualized 21.4% in the three months through September from the previous quarter, expanding at the fastest clip since 1968, helped by government stimulus that fueled a sharp jump in consumer spending and a strong pickup in trade. Economists had forecast an 18.9% expansion.
The nation’s biggest growth spurt in more than a half century shows the economy is back on a recovery path after three straight quarters of contraction that started with a sales tax hike last year before the collapse that came with COVID-19’s first wave.
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