Japan's economy shrinks at record rate
Japan's economy shrinks at record rate
Wednesday 20th May 2009
New figures show that during the first three months of 2009 Japan's economy shrank at its quickest rate since records began.A fall in exports has been blamed for the decline, with figures showing output contracted by four per cent from January to March.
The decline comes after a 3.8 per cent drop between October and December, and represents the fourth quarter in a row gross domestic product (GDP) has fallen.
The new figures represent a GDP fall of 15.2 per cent on an annual basis.
Exports also plunged by an unprecedented 26 per cent during the last quarter.
Analysts, however, predict Japan's economy will record a moderate growth in the coming months after a small rise in production in March.
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