Japan’s economy shrinks at record rate
Wednesday 20th May 2009, 9:34AM BST.
New figures show that during the first three months of 2009 Japan’s economy shrank at its quickest rate since records began.
A fall in exports has been blamed for the decline, with figures showing output contracted by four per cent from January to March.
The decline comes after a 3.8 per cent drop between October and December, and represents the fourth quarter in a row gross domestic product (GDP) has fallen.
The new figures represent a GDP fall of 15.2 per cent on an annual basis.
Exports also plunged by an unprecedented 26 per cent during the last quarter.
Analysts, however, predict Japan’s economy will record a moderate growth in the coming months after a small rise in production in March.
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