Japanese economy shrinks by 2%, worse than forecasts
- Economy
- Anadolu Agency
- Published Date: 11:13 | 16 May 2024
- Modified Date: 11:16 | 16 May 2024
The Japanese economy contracted at an annual rate of 2% in the first quarter of 2024, preliminary figures showed on Thursday.
Markets and economists had forecast a contraction of 1.5%.
Private consumption, the biggest component of the GDP, fell by an annualized 2.7%.
Corporate investment posted a decline of 3.2%, exports dropped 18.7%, while imports also fell 12.8%.
The economy expanded by 0.4% in the last quarter of 2023 after shrinking by 2.9% in the third quarter.
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