Society

Japan's Q1 GDP shrinks annualized 3.4%

May 19 (NHK) - The coronavirus pandemic continues to have a significant economic impact, with Japan's GDP plunging during the January-to-March quarter.

The Cabinet Office says GDP for the period shrank an annualized 3.4 percent from the previous quarter in real terms. It's the second straight contraction.

Personal consumption, which makes up more than half of Japan's GDP, fell by 0.7 percent. People refrained from eating out and tourist activities. Car sales also dropped sharply.

Exports plunged 6 percent as economic activity stagnated globally. Housing investment fell 4.5 percent, while corporate investment was down 0.5 percent.

Analysts are bracing for the economy to take a bigger hit from the pandemic in the April-June quarter.

Nissan to Cut 9,000 Jobs, Focuses Layoffs on Production Sites

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Tokyo Cedar Pollen Season Starts Record Early Since 1985

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Japanese Lunar Lander Resilience Launched From Kennedy Space Center

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Foreign visitors to Japan hit record high in 2024

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Michelin-Star Chef's Exclusive Film Menu

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