Fall in consumption knocks Japan off number-two perch
14/02/2011
Japan’s economy grew by 3.9% last year, it’s biggest annual increase in the last two decades, but growth of 10.3% allowed China to increase its economy to $5,879 billion, while Japan’s reached $5,474 billion. The size of the US economy in 2010 was estimated to be close to $14,700 billion.
Observers of the situation in Japan have pointed out that growth could have been higher last year had it not been for a decline in private consumption in the last quarter. Government subsidies that had boosted sales of cars came to an end.
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