Japan's economy grows annualized 1%

The Japanese economy grew an annualized real 1.0 percent in the fourth quarter of 2013, marking a fourth straight quarterly expansion, the government said Monday. The growth in October-December inflation-adjusted gross domestic product (GDP) corresponds to a 0.3 percent expansion from the previous quarter. GDP is the total value of goods and services produced domestically. Consumption, the biggest component accounting for around 60 percent of Japan's GDP, rose a real 0.5 percent, marking a fifth straight monthly increase, according to the Kyodo News. Exports grew 0.4 percent after decreasing 0.7 percent in the July-September quarter, due mainly to increased demand in emerging Asian countries, the government said. In nominal terms, or unadjusted for price changes, the economy expanded 0.4 percent on quarter. The GDP deflator, a wider price gauge than the consumer price index, was up 0.1 percent, signaling that the economy is on moving toward exiting deflation. In 2013, Japan's GDP grew a real 1.6 percent for the second consecutive year of expansion.