Submitted by CARPE DIEM

THE ECONOMIST–Japan’s economy recorded surprisingly strong growth in the first quarter of 2008, according to preliminary government data released on May 16th. Real GDP growth accelerated to 0.8% quarter on quarter, from 0.6% in the previous quarter (see chart above). This translates into a robust expansion of 3.3% in annualized terms. The key drivers of growth were exports and private consumption, both of which performed unexpectedly well.

Note: Real GDP growth in Japan has increased in each of the last four quarters.

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