Japan's economy likely shrank for a second straight quarter in the first three months of this year, a Reuters poll showed, meeting the technical definition of recession as the coronavirus pandemic wiped out consumption and business activity.
TOKYO - Japan’s economy likely shrank for a second straight quarter in the first three months of this year, a Reuters poll showed, meeting the technical definition of recession as the coronavirus pandemic wiped out consumption and business activity.
Gross domestic product data, due out on May 18, is likely to show the world’s third-largest economy contracted an annualised 4.6% in the January-March period, a poll of 14 analysts showed on Friday. “After a huge slump in October-December, one would expect growth to rebound. But what probably happened was a further drop in growth. It will be very weak data,” said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute.
Consumption, which makes up more than half of Japan’s economy, likely fell 1.6% in January-March from the previous quarter, the poll showed.
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