Japan's FY 2020 GDP shrinks to sharpest on record

TOKYO: Japan's GDP in fiscal year 2020 shrank 4.6 per cent in real terms, down for the second straight year, marking the largest annual contraction on record since data compilation began in 1955, government statistics revealed on Tuesday.

According to the preliminary data released by the Cabinet Office, the previous record decrease was a 3.6 per cent drop in fiscal 2008 marked in the wake of the global financial crisis.

Meanwhile, government statistics showed the country's economy in the January-March period contracted an annualised real 5.1 per cent compared to the previous quarter, the first decline in three quarters, due to a second state of emergency over the Covid-19 pandemic. (IANS)

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