Japan's second-quarter GDP shrinks annualized 1.6 percent, first slump since recession in 2014

Sun Aug 16, 2015 7:57pm EDT
 
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TOKYO (Reuters) - Japan's economy shrank at an annualized pace of 1.6 percent in the April-June period, contracting for the first time in three quarters on weak exports and consumer spending, government data showed on Monday.

The preliminary reading for gross domestic product compared with the median estimate of a 1.9 percent contraction in a Reuters poll of economists. It followed a revised 4.5 percent expansion in the first quarter.

On a quarter-on-quarter basis, GDP contracted 0.4 percent in April-June, versus a 0.5 percent contraction expected by economists.

(Reporting by Leika Kihara, Tetsushi Kajimoto and Stanley White; Editing by Chang-Ran Kim and Chris Gallagher)

 
Workers stand at a construction site in central Tokyo June 8, 2015.  REUTERS/Thomas Peter