Japan's economy contracted at an annualized pace of 6.3% in October-Decembe...
FILE PHOTO: Men work at a construction site in Tokyo, Japan May 16, 2018. REUTERS/Issei Kato
TOKYO - Japan’s economy contracted at an annualized pace of 6.3% in October-December, shrinking at the fastest pace since the second quarter of 2014, government data showed on Monday. The preliminary reading for fourth-quarter gross domestic product was much worse than economists’ median estimate of a 3.7% contraction in a Reuters poll. It followed a revised 0.5% expansion in July-September.
On a quarter-on-quarter basis, GDP shrank 1.6%, more than the median forecast for a 0.9% fall, the Cabinet Office data showed. Private consumption, which makes up more than half of the economy, fell 2.9% and capital spending fell 3.7%, while exports dropped 0.1%.Reporting by Leika Kihara and Daniel Leussink; Editing by Chris Gallagher
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