JAPAN'S ECONOMY SHRINKS 4.8% IN 2020 DUE TO COVID-19


16/02/2021




Aslıhan DOĞRU -TDO- Japan's economy shrunk by 4.8% in 2020 compared to the previous year, the second-largest contraction in its history.

Gross domestic product (GDP) shrunk for the first time since 2009, according to updated economic preliminary data for last year released by the Cabinet Office (Kantei).

Following the country's 2008 financial crisis, GDP contracted by 5.7 percent in 2009.

According to Kantei preliminary data, GDP volume in 2020 decreased to 529.19 trillion yen ($5 trillion) from 555 trillion yen in 2019.

Last year, the country's exports decreased by 12.3%, imports by 6.8%, private equity expenditures by 5.8%, housing investments by 7.1%, private consumption by 5.9%, public investments by 3.5%, and central government expenditures by 2.7%.

Kantei is expected to announce revised annual and quarterly data on March 9.


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