Japanese economy reduced by 1.4 percent

The decrease in inflation-adjusted gross domestic product (GDP) corresponded to a 0.4-percent drop on quarter and was smaller than the average market forecast of an annualized 1.6 percent contraction, according to local report.

Private consumption, which accounts for about 60 percent of the country’s GDP, recorded a real 0.8-percent decline from the previous quarter as unusual weather blew sales for winter clothing, said the government.

Meanwhile, exports of Japan decreased 0.9 percent in the reporting quarter, compared to a 2.6-percent increase in the previous quarter. Enditem

Source: Xinhua