May 16. Japan's GDP, according to preliminary estimates, rose 0.8% q-o-q and 3.3% y-o-y in 1Q 2008 thanks to growing exports. Despite a slowdown in global economic growth and downbeat estimates, Japan's GDP growth appeared to be the highest since 1Q 2007. Exports grew 4.5% q-o-q in January-March 2008. Domestic consumer spending also climbed, up 0.8%. According to revised data, GDP growth rose 0.6% in 4Q 2008 vs. the previous estimate of 0.9% compared to the previous quarter and 2.6% on the year-earlier period vs. the previously expected 3.5%.