Saturday 28 February 2015

Japan in recession after GDP revise

Published 10/12/2012 | 09:24

The Japanese economy is officially in recession after shrinking for two straight quarters
The Japanese economy is officially in recession after shrinking for two straight quarters

Japan's economy is technically in recession after authorities said revised figures for the April-June quarter showed the economy shrank for two straight quarters.

The Cabinet Office said gross domestic product for the July-September quarter shrank 0.9% from the previous quarter, unchanged from the preliminary release.

Going back to the April-June quarter, however, GDP was revised to a 0.03% decline from the previous quarter, or a 0.1% contraction at an annualised pace.

Previously, the Cabinet had said second-quarter GDP grew 0.1% from the previous quarter.

A widely accepted definition of a recession is two consecutive quarters of economic contraction.

Press Association

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