Japan's economy slipped into recession for the first time in 4-1/2 years, GDP data showed on Monday, putting the nation on course for its deepest postwar slump as the coronavirus crisis takes a heavy toll on businesses and consumers.
TOKYO - Japan’s economy slipped into recession for the first time in 4-1/2 years, GDP data showed on Monday, putting the nation on course for its deepest postwar slump as the coronavirus crisis takes a heavy toll on businesses and consumers.
Gross domestic product contracted an annualised 3.4% in the first quarter as private consumption, capital expenditure and exports fell, preliminary official data showed, following a revised 7.3 decline in the October-December period, meeting the technical definition of a recession.The last time Japan suffered recession was in the second half of 2015.
Private consumption, which accounts for more than half of Japan’s $5 trillion economy, slipped 0.7%, versus a 1.6% drop expected by economists. Capital expenditure fell 0.5% in the fourth quarter, against a median forecast for a 1.5% drop and marked the second consecutive quarter of declines, the data showed.
The emergency, which urged citizens to stay home and many businesses to close, was lifted for most regions on Thursday, but remained in effect for some big cities including Tokyo.
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