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Japan's GDP Collapsed By A Record Of 7.8% In Q2 2020

Japan's GDP Collapsed By A Record Of 7.8% In Q2 2020

In the second quarter of 2020, Japan's economy shrank by 7.8% compared to the previous three months, according to preliminary official data. The decline in GDP was recorded for the third consecutive quarter and became a record, due to the negative impact of the COVID-19 coronavirus pandemic.

In January-March, Japan's GDP fell by 0.6%.

Analysts, on average, predicted a 7.6% drop in GDP in the second quarter, according to Trading Economics.

On an annual basis, the Japanese economy collapsed by 27.8% in April-June, with a forecast of a 27.2% fall. In the first quarter, GDP fell by 2.2%.

Consumer spending in April-June fell by 8.2% every quarter, compared with a 0.8% decline in the first quarter. Government spending decreased by 0.3% (previously unchanged).

Exports fell by 18.5%, the most since the first quarter of 2009. Imports fell by 0.5%, the third consecutive quarter of decline.