Japan’s economy grew an annualized real 3.9 percent in the July-September quarter, marking the fourth consecutive quarter of expansion and beating economists’ forecasts, the Cabinet Office said in a preliminary report on Monday.

As measured by GDP (gross domestic product) this corresponds to a 0.9 percent growth from the April-June period.

Private consumption rose 1.1 percent on quarter in the July-September period, the Cabinet Office said, following a revised 0.1 percent increase in the previous quarter.

On a nominal basis, GDP climbed an annualized 2.9 percent in the reporting period, which corresponds to a 0.7 percent growth from the April-June period.

The Cabinet Office cited government subsidies for low-emission cars and eco-friendly technology as giving a late boost to consumer spending, prior to the expiration of the subsidies in September.

In addition, domestic demand gained 1.0 percentage, after adding a revised 0.1 in the previous quarter, the report revealed, although public investment decreased 0.6 percent.

Analysts said the pace of the economic growth is likely to slow sharply, or possibly reverse its growth trend in the final quarter of this year, as weakening overseas demand, deflation, waning domestic demand and a strong yen are likely to take their toll on growth.

Following the latest poll of 42 economists and research institutions conducted by the Cabinet Office’s Economic Planning Association (COEPA), economists have revised down their forecasts for Japan’s economic growth for this fiscal year and fiscal 2011 while projecting prices in fiscal 2011 and 2012 may not rise as much as expected earlier.

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

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Iceland’s post-crisis stabilization and financial sector restructuring were continuing, and economic growth is recovering, Julie Kozack, the International Monetary Fund (IMF) mission chief, said on Sunday.

Post-crisis economic stabilization was underway, supported by a steady implementation of program policies. Economic growth is expected to gather steam in 2011, but “the pick-up is likely to be slower than previously projected due to delays in investment projects,” Kozack said after heading an IMF mission and visited Iceland from November 2-14 to hold discussions for the fourth review under the 2.1 billion U.S. dollars Stand-By Arrangement.

“Financial sector restructuring is continuing. Work is advancing on resolving the savings banks, strengthening the non- bank financial sector, and addressing bank balance sheet vulnerabilities,” she said.

The Executive Board of the Washington-based IMF in November 2008 approved a two-year SDR 1.4 billion (about 2.1 billion U.S. dollars) Stand-By Arrangement for Iceland to support the country’s program to restore confidence and stabilize the economy, as the country was in the midst of a banking crisis.

The IMF-supported program was aimed at containing the negative impact of the crisis on the economy by restoring confidence and stabilizing the exchange rate, and promoting a viable domestic banking sector and safeguarding the international financial system.

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Australian federal government on Monday vowed to win parliamentary approval for its mining tax, despite a high-level report recommending changes to its current form.

The Organization for Economic Cooperation and Development (OECD) , in its 165-page Economy Survey of Australia released on Sunday, said the 30 percent minerals resource rent tax level was too low and recommended putting revenue in a reserve fund.

The Australian Greens agree with the OECD comments, making it tricky for the government to get the tax endorsed by parliament.

However, Treasurer Wayne Swan said the government is going to stick with the agreement, which the government has earlier negotiated with three of the nation’s biggest miners.

“We will fight for this in the parliament because it is good for the economy,” he told ABC Radio on Monday.

Swan also expressed his welcome to the report, because he said “the overwhelming majority of the report is a stunning endorsement of the Government’s economic strategy.”

On top of calling for high mining tax, the OCED urged the Government to put the tax into the reserves rather than spend it all on infrastructure, to protect it against future economic crisis.

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