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Japanese economy shrinks by 2%, worse than forecasts

Anadolu Agency ECONOMY
Published May 16,2024
People walk along an underground concourse leading to the subway in Tokyo on May 16, 2024. (AFP Photo)

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.