TOKYO — Japan’s economy grew at a better-than-expected annual rate of 2.8% in October-December, underlined by steady exports and moderate consumption.

On a quarter-to-quarter basis, the world’s fourth-largest economy grew 0.7% for its third straight quarter of growth, the Cabinet Office reported Monday in its preliminary data.

For 2024, the Japanese economy eked out 0.1% growth in seasonally adjusted real GDP, or gross domestic product, which measures the value of a nation’s product and service. That’s the fourth straight year of expansion.

Private consumption grew at an annual rate of 0.5% during the quarter, holding up while losing momentum. Exports jumped 4.3%, and capital investment increased 0.5%. — Associated Press