TOKYO (AP) — The Japanese economy shrank at an annual pace of 6.3% last quarter as growth was battered by typhoons and crimped consumer spending.
The seasonally adjusted economic data released Monday by the Cabinet Office comes amid looming fears about the economic damage expected from the new viral illness COVID-19 that began in China late last year.
Japan’s gross domestic product, or GDP, the sum of the value of a nation’s products and services, slipped 1.6% in the last three months of 2019 quarter-on-quarter.
The annualized rate shows what the drop would have been if that same pace had continued for a year.
The contraction for the October-December period was the first Japan had in more than a year. The amount of decline was the worst in about five years.