SINGAPORE (ICIS)--Japan's economy shrank by an annualised 27.8% in the second quarter, the sharpest contraction on record, as domestic consumption fell sharply due to coronavirus-related restrictions, official data showed on Monday.
On a quarter-on-quarter seasonally adjusted basis, this corresponds to a 7.8% drop in the GDP in the April-June period, preliminary estimates by the Cabinet Office showed.
The contraction in July marks the third straight month of contraction.
Private consumption, which makes up more than half the Japanese economy, fell by 8.2% in the second quarter from the previous three-month period.
Exports of goods and services plunged by 18.5% while imports slipped by 0.5%.