Japanese economy contracted sharply last quarter

May 20th, 2009 - 8:39 am ICT by IANS  

Tokyo, May 20 (DPA) The Japanese economy shrank in the January-March quarter an an annualised rate of 15.2 percent, the sharpest annualised drop ever recorded in what remains the world’s second-largest economy, the Tokyo government announced Wednesday.
The pace narrowly exceeded the 14.4 percent annualised rate of contraction in the last three months of 2008.

A steep decline in Japan’s exports was the leading cause for the first-quarter performance.

In absolute terms, the Japanese economy was 4 percent smaller on March 31 from Dec 31.

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