Society | May 18

Japan's GDP shrinks 5.1% in Jan.-Mar.

May 18 (NHK) - Japan's GDP figure for the January-to-March period dropped into negative territory as consumer spending fell due to a second state of emergency.

The Cabinet Office says GDP shrank at an annualized 5.1 percent from the previous quarter in real terms.

However, the latest data were not as bad as the record drop of minus 28.6 percent in the April-June period last year.

But it was still the first fall in three quarters. The state of emergency declared in early January put a squeeze on the economy.

Many analysts are gloomy about the current quarter as well. A third state of emergency is now in place.

Source: Kyodo

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