Japan ekes out economic growth in recovery from pandemic

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Japan’s economy grew at an annual rate of 1.3% in the last quarter, raising hopes for a gradual recovery from the painful impact of the coronavirus pandemic. The Cabinet Office reported seasonally adjusted gross domestic product, or the value of goods and services a nation produces, grew 0.3% in April-June, marking a reversal from the 0.9% contraction the previous quarter for the world’s third-largest economy. The annualized rate is how much the economy would have grown had the on-quarter rate continued for a year. Underlining growth were rising private consumption and residential investment, as well as growing exports and imports.