Posted on 15 Aug 2008
Japan's economy shrinks in April-June for 1st time in 4 quarters
Japan’s
economy shrank at an annualized rate of 2.4 percent in real terms in the
April-June quarter for the first contraction in four quarters on weak exports
and domestic consumption, the government said Wednesday.
The fall in gross domestic product for the second quarter of
2008 added to evidence that the nation’s economy has entered a downturn given
the economic slowdown in the United
States, one of the largest destinations for
Japanese exports, and globally rising inflation with oil and food prices driven
higher.
