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ECONOMY > Economic Indicators

Japan’s GDP shrinks annualized 3.4% in January-March quarter

  • May 19, 2020
  • , All national papers
  • JMH Summary

All national dailies reported on the release of data by the Cabinet Office on Monday showing that Japan’s GDP shrank by 0.9% on a seasonally adjusted quarterly basis or an annualized real 3.4% in the January-March period from the previous quarter due to a major decline in consumer spending and exports over the global coronavirus pandemic. Japan has now had two consecutive quarters of shrinking GDP. Mainichi quoted Economic Revitalization Minister Nishimura as telling the press on Monday that the Japanese economy will likely continue to decline significantly and will not recover for a while.

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