Japanese Data Confirms Slip From World’s Second Largest Economy
Monday, February 14th, 2011 - VOA
New Japanese data confirm what was already widely expected – that China has ended Japan's 42-year-reign as the world's second largest economy.
The figures released Monday in Tokyo showed Japan's gross domestic product for 2010 stood at about $5.5 trillion, compared to China's $5.9 trillion. Japan's economy had been second only to the United States since the late 1960s.
The data also showed that Japan's economy contracted in the last three months of the year, though not as severely as economists had forecast. Japan registered 3.9 percent economic growth for the full year, marking its first expansion in three years.
While Japan's economy is now smaller than China's in absolute terms, it remains about 10 times richer on a per-capita basis.
Japanese Data Confirms Slip From World’s Second Largest Economy
Article from VOA
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