Japanese economy shrinks 14.2 percent in Q1

By AFP

July 15, 2010 Updated Jun 14, 2009 at 9:41 PM CDT

Japan's economy shrank slightly less than initially thought in the first quarter of 2009, but still logged an annualised 14.2 percent contraction amid a global recession, data has shown.

The world's second-largest economy contracted by 3.8 percent in the three months to March compared with the previous quarter, the Cabinet Office said.

Japan entered recession in the second quarter of 2008 as consumers around the world stopped buying big-ticket items during the economic downturn.

Last month the government reported the economy shrank 4.0 percent in the first quarter compared with the previous quarter, logging an annual drop of 15.2 percent, the fastest pace of contraction on record.

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