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The economy grew a real 0.5 percent in the October-December quarter, unchanged from a preliminary report released in mid-February, the government said Tuesday.

The growth, measured in terms of gross domestic product, translates into an annualized expansion of 2.2 percent, revised upward from the earlier reported 2 percent growth, the Cabinet Office said.

The revised figures make it possible for the government to attain its fiscal 2002 GDP target of 0.9 percent growth even with a 3.6 percent contraction in the January-March quarter.

Real GDP grew 1.4 percent in the April-June quarter last year and 0.8 percent in the July-September period.

For calendar 2002, GDP expanded a real 0.3 percent, unchanged from the preliminary report.

GDP is the total value of goods and services produced domestically. Real GDP data are adjusted for inflation and seasonal variations.

Nominal GDP fell 0.1 percent, unchanged from the initial report, which translates into an annualized contraction of 0.4 percent, revised from the earlier reported 0.5 percent fall.

The GDP deflator, a major inflation barometer, fell 2.3 percent from a year before, a revision from a 2.2 percent decline in the preliminary report and the largest fall since comparable figures were taken in 1981.

The GDP deflator has been stuck in negative territory for 19 quarters, attesting to the increased pressure on prices.

Personal spending, a key to achieving sustainable growth, rose 0.1 percent in the reporting quarter, unchanged from the initially reported 0.1 percent growth.

Corporate capital investment rose 2.6 percent, a substantial upward revision from the earlier estimated 1 percent gain, the Cabinet Office said.

Housing investment contracted 0.8 percent, revised from the earlier reported 0.9 percent fall.

Public investment fell 1.2 percent, revised down from the initial 0.5 percent contraction, according to the Cabinet Office.

Exports climbed 4.1 percent, revised downward from the earlier reported 4.5 percent rise, and imports increased 1.6 percent, compared with the initial 1.9 percent rise, due to statistics on the international balance of payment for December that were unavailable in the earlier report.

The Cabinet Office revised the fourth-quarter GDP data based on economic data that were unavailable for its preliminary calculation or changes from earlier data.

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