Japan reports longest growth streak since 2001

Japan reports longest growth streak since 2001

The statistics, which are preliminary and seasonally adjusted, contrast with a revised 2.6 percent growth rate in the previous quarter.

Japan's economic output increased by 0.3 percent in the third quarter of the year, marking the longest period of expansion in over 16 years.

The most recent growth was fuelled by a 0.5 per cent lift in net exports during the quarter, helped by a stronger dollar.

Among the key components of Japan's GDP, private consumption declined 0.5 percent in the recording period, the Cabinet Office said. In annualized terms, it fell 1.8 percent.

Prime Minister Shinzo Abe took office almost five years ago vowing to "take back Japan" by spurring inflation that he and his advisers said would lead companies to invest and raise wages in a "virtuous cycle" that would break Japan out of a deflationary rut. Instead, they have focused on expanding into faster growing overseas markets.

Economists expect growth to slow in 2018-2019, partly because of limits to factory, logistics and hiring capacity and partly because of a sales tax hike promised for October 2019.