August 16, 2015 / 11:59 PM / in 2 years

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

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.

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

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

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