(Adds details on consumer spending, capex)
* Q4 GDP +1.4 pct annualised, matching forecast
* Q4 GDP +0.3 pct qtr/qtr vs forecast +0.4 pct
* Capex and consumer spending drive growth
* Trade frictions remain a risk to growth
By Stanley White
TOKYO, Feb 14 (Reuters) - Japan's economy bounced back in the fourth quarter as business and consumer spending recovered from the impact of natural disasters but trade frictions and a proposed sales tax hike are expected to hinder growth in 2019.
The 1.4 percent annualised expansion in October-December matched the median estimate in a Reuters poll. It also followed an upwardly revised 2.6 percent annualised contraction in July-September as floods and an earthquake temporarily halted production.
Real exports rose 0.9 percent in October-December from the previous quarter, the data from the Cabinet Office showed, the fastest growth in a year.
Despite the increase in shipments, economists remain concerned that exports will weaken this year if the United States and China do not resolve their trade dispute.
"The numbers have rebounded, but Japan is still an economy that is losing momentum," said Hiroshi Miyazaki, senior economist at Mitsubishi UFJ Morgan Stanley Securities.
"The longer trade friction lasts, the more incentive Japanese companies have to halt capex. Trade friction means weaker exports. Japan's overall growth this year won't be as quick as last year or the year prior."
GDP rose 0.3 percent versus the previous quarter, slightly less than the median estimate for 0.4 percent growth. That followed a downwardly revised 0.7 percent contraction in July-September.
In September a large earthquake triggered a blackout in the northern island of Hokkaido, which followed severe typhoons that damaged airports and transport infrastructure in western Japan.
Businesses were quick to resume normal operations after these disasters.
Capital expenditure was the biggest driver of growth in October-December, rising 2.4 percent as companies spent on manufacturing equipment and heavy construction machinery.
That compares with as 2.7 percent contraction in the previous quarter, a smaller fall than initially estimated. Capital expenditure was expected to rise 1.8 percent.
Private consumption, which accounts for about 60 percent of GDP, was the second-biggest driver of growth. Consumption rose 0.6 percent in October-December, less than the 0.8 percent increase expected and followed a 0.2 decline in the previous quarter.
Consumption was driven by spending on hotels and dining out, but that was partly a rebound from a decline in the previous quarter due to the natural disasters, a Cabinet Office official said.