Japan's economy shows strong growth

Economists predicted an end to the recession in Japan. However, economists were wrong again as Japan fourth-quarter GDP shows economy still in recession Japan's economy contracted for the third consecutive quarter in October-December, showing the country is struggling to escape from a mild recession and adding weight to the new government's push for radical policy steps to revive growth.

WASHINGTON – The United States economy likely expanded slightly in the fourth quarter, according to data on Friday that suggested a surprise drop in GDP reported by the government last week was overstated. The U.S. trade deficit narrowed to its lowest point in nearly three years in December on a drop in oil imports and a surge in exports. Trade data for December paint a reassuring and encouraging picture of the U.S. economy at the end of last year

Turkey's gross domestic product (GDP) grew 11.7 percent in the first quarter of the year, official data showed on Wednesday.It was the second quarter of growth in row, in line with market expectation of a double-digit figure.The economy emerged from a severe recession in the last quarter of 2009, with gross domestic product increasing 6.0 percent after a contraction cycle of four quarters that caused the economy to slump 4.7 percent last year.

WASHINGTON (Reuters) - The U.S. economy likely grew at its slowest pace in nearly two years in the fourth quarter as businesses added less stock to their warehouses and government spending fizzled, setting it up for a difficult start in 2013. Gross domestic product probably expanded at a 1.1 percent annual rate, braking sharply from a 3.1 percent clip in the third quarter, according to a Reuters poll of economists. That would mark the weakest growth pace since the first quarter of 2011 and it would show the economy entering the new year with little momentum.

WASHINGTON — The U.S. economy grew faster than previously estimated in the third quarter as exports and government spending provided a lift, but that boost is likely to be lost amid slowing global demand and a move towards tighter fiscal policy. Gross domestic product expanded at a 3.1% annual rate, the Commerce Department said in its third estimate on Thursday, up from the 2.7% pace reported last month. It was the fastest growth since late 2011 and also reflected a slightly better pace of consumer spending than previously estimated.

By Ed Dolan: According to the final figures released last week by the Bureau of Economic Analysis, U.S. Gross Domestic Income grew at a strong 4.4 percent annual rate in Q4 2011. Growth of GDI outpaced that of GDP, which was unrevised at 3 percent, itself the strongest of the year. As the chart shows, it was the second consecutive quarter that GDI had grown faster than GDP.

South Korea's economy grew at an eight-year high of 6.1 percent last year, the central bank said Wednesday, with fourth-quarter growth slowing compared with July-September but rising from a year earlier.Gross domestic product in October-December rose 0.5 percent from the previous three months, slowing from a 0.7 percent gain in the third quarter, the Bank of Korea (BOK) said.Year-on-year, Asia's fourth largest economy grew 4.8 percent in the fourth quarter compared with a 4.4 percent rise in the third quarter.