20 May 2009 11:46 [Source: ICIS news]
SINGAPORE (ICIS news)--Japan's economy shrank by an unprecedented annual pace of 15.2% in the first three months of 2009 as exports and consumption slumped, according to preliminary data released by National Accounts of Japan on Wednesday.
Exports from the world's second-largest economy, and the biggest in Asia, tumbled 70.1% year on year as the global economy entered the worst recession seen since World War II, National Accounts of Japan said.
Domestic consumption in the country fell 9.8%, the statistics showed.
Investments substantially weakened, with those from private residents falling 20% and those from non-residents plunging 35.5%.
Government consumption, however, logged in an annual growth of 1.3%, while public demand rose 1.0%.
Economic output declined 4.0% quarter on quarter in the January-to-March period.
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