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Friday 21.09.2018 | Name days: Matīss, Modris, Mariss

Japanese economy slides into recession

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Japanese economy is sliding back into recession amid declining production and dropping consumption triggered by May 11 quake, reports CBC news.

Baltic news, News from Latvia, BNN-NEWS.COM, BNN-NEWS.RUIts gross domestic product shrank to 3.7% during January-March, while the overall economic growth is down 2.3%.

Fujitsu Research Institute chief economist Martin Schulz points out there is «no doubt» recession is back.

«More surprising is just how quickly the economy crumpled,» Schulz stresses.

Despite the latest report on the GDP includes just 20 days after the natural disaster, still «the impact is huge,» Schulz indicates, adding that he had expected the economic downfall to strike in the second quarter.

As reported, the magnitude-9.0 earthquake and tsunami hit Japan on March 11, 2011, with the total death toll and those still missing amounting to 24 000 people. It is said Japan has lost about 300 billion dollars.

 


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