TOKYO, June — Japan's economy shrank less than initially estimated in the first quarter but the broad impact from the coronavirus crisis is still expected to send the country deeper into recession. A series of recent April data including exports, factory output and jobs figures suggested Japan is...
Monday, 08 Jun 2020 08:54 AM MYT
A series of recent April data including exports, factory output and jobs figures suggested Japan is facing its worst postwar slump in the current quarter as the outbreak forced people to stay at home and businesses to close globally. On quarter-on-quarter basis, the economy contracted 0.6 per cent in the first quarter compared with an initial reading of a 0.9 per cent decline.
Private consumption, which accounts for more than half of Japan's economy, fell 0.8 per cent compared with the preliminary 0.7 per cent decline, as solid demand for daily necessities was offset by declines in spending on services.
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