Japan back in recession as earthquake cuts consumption
The contraction in the first three months of this year was bigger than expected, with most analysts expecting the annualized rate would show a contraction of about 2%.
BBC News
EXCERPTS:
Gross domestic product shrank 0.9% in the first three months of the year, the Cabinet office said, giving an annualised rate of contraction of 3.7%.
Analysts say consumption and exports were worst hit.
Japan’s economy has now contracted for two quarters in a row, the generally accepted definition of a recession.
Japan sank into a recession during the global financial crisis, but had emerged from it in 2009.
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