Economists See Annual 5.1 Pct Fall in Japan Jan.-March GDP

Economy

Tokyo, May 3 (Jiji Press)--Japan’s real gross domestic product is believed to have contracted an annualized 5.1 pct in January-March, the first drop in three quarters, an average estimate by 12 private think tanks shows.

On a nonannualized basis, the average forecast was for a decline of 1.3 pct.

During the final quarter of fiscal 2020, personal consumption weakened after the government declared a second coronavirus state of emergency in January, covering Tokyo and some other prefectures.

The Cabinet Office will release preliminary GDP data for January-March on May 18.

The Japanese economy is expected to continue falling in April-June after the government declared a third state of emergency, effective from April 25.

[Copyright The Jiji Press, Ltd.]

Jiji Press