18.May .2020 11:28

Japan's economy shrinks annualized 3.4 pct in January-March period


Japan's economy shrank for a second straight quarter in the January-March period, as a result of the adverse effects of the coronavirus pandemic, the government said on Monday, Trend reports citing Xinhua.

According to the Cabinet Office, the economy shrank by an annualized real 3.4 percent in the January-March period from the previous quarter.

The decrease in the quarter corresponds to a 0.9 percent decline on a seasonally adjusted quarterly basis, the Cabinet Office said.

The preliminary reading of inflation-adjusted gross domestic product comes on the heels of a contraction logged in the previous October-December quarter.