- Japan’s economy grew at a slower 3 per cent in the October to December quarter, government data showed on Monday (Feb 15), as the coronavirus pandemic weighed on the world’s third-largest economy.
- The economy shrank 4.8 per cent in 2020 – its first annual contraction since 2009.
- Last year, virus restrictions and a 2019 consumption tax hike forced Japan into recession before a third quarter rebound to 5.3 per cent growth, a figure revised upwards slightly on Monday.
- Japan emerged from recession in November after recording its worst contraction since comparable figures began to be collected in 1980, exceeding even the pain of the 2008-2009 global financial crisis.
- Domestic demand and net exports contributed to growth in the fourth quarter, the cabinet office said, adding that spending on housing and corporate investment rebounded.
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