19 May '11, 12am

Japan economy shrinks annualised 3.7% in Q1

TOKYO: Japan's economy plunged back into recession in January-March, ravaged by the impact of the March 11 earthquake, tsunami and the world's worst nuclear crisis since Chernobyl, data showed Thursday. The economy shrank by an annualised 3.7 percent in the first three months of the year, marking the second consecutive quarter of contraction, which is seen as a technical recession. The fall was much more severe than the 2.0 percent drop forecast in a Dow Jones Newswires poll of analysts and was the first successive contraction since the 2008 financial crisis. It was the steepest slippage since a record 18.3 percent contraction in January-March 2009. Gross domestic product fell 0.9 percent on a quarter-to-quarter basis, government data showed. The 9.0 magnitude earthquake and a devastating tsunami has left nearly 25,000 dead or missing, and with a subsequent emergency at th...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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