TOKYO: Japan’s economy contracted at an annualised rate of 5.1per cent in January-March from the previous quarter, government data showed, posting the first decline in three quarters as a resurgence of coronavirus infections dealt a blow to consumer spending.
The gross domestic product (GDP) figure translated into a quarterly drop of 1.3per cent, slightly bigger than economists’ median estimate of a 1.2per cent contraction, the Cabinet Office data showed on Tuesday.
Private consumption, which makes up more than half of the economy, fell 1.4per cent, versus a 2.0per cent decline expected by economists, the data showed.
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(Reporting by Leika Kihara and Tetsushi Kajimoto; Editing by Chang-Ran Kim)
Source: Reuters
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