Japan's factory output and retail sales likely contracted again in May as the coronavirus pandemic disrupted supply chains and triggered a sharp drop in domestic and global demand, a Reuters poll showed on Friday.
TOKYO - Japan’s factory output and retail sales likely contracted again in May as the coronavirus pandemic disrupted supply chains and triggered a sharp drop in domestic and global demand, a Reuters poll showed on Friday.
Slumping exports and weak private spending due to the health crisis underscore risks that the world’s third-largest economy has slipped into deep recession and may only see a modest recovery in the second half of this year. “The surrounding environment for the manufacturers remains severe as exports sharply dropped in May. We expect factory output also fell especially transportation machineries,” said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute.
The poll also showed retail sales are expected to fall 11.6% in May from a year earlier, down for a third month in a row, after a revised 13.9% drop in April.
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