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Japan in sharpest contraction since 1974

Japan’s economy shrank 3.2 per cent in the final three months of last year, revised government data showed on Thursday, confirming the sharpest contraction since the oil crisis in 1974.

The fall in gross domestic product (GDP) for the October-December quarter in real, price-adjusted terms was slightly smaller than economists’ forecasts for a 3.3 per cent contraction, which was the same as the initial estimate.

The revised figure translates into an annualised contraction of 12.1 per cent, against the previous reading of a 12.7 per cent contraction, the same size fall forecast by economists.

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This article was originally posted on FT.com

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