Contraction projected for Japan 1st quarter

May 04, 2020 | News On Japan

May 04, 2020 (NHK) - Analysts believe Japan's GDP shrank in the January-March quarter due to the effects of the coronavirus outbreak.

Ten private research institutes project annualized growth rates of between minus 3.5 percent and minus 6.5 percent.

That would mean a contraction for the second straight quarter. The consumption tax hike last October was behind the fall in the previous quarter.

Personal consumption fell in the January-March period as people refrained from traveling or eating out amid appeals to stay at home. Exports also plunged as economic activity stagnated globally.

All 10 research institutes believe the economy will take a bigger hit from the coronavirus in the April-June quarter.

Some project a contraction of more than 20 percent. That would be worse than what happened during the 2008 global financial crisis.

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