Japan’s second quarter GDP shrinks record 27.8 per cent as coronavirus hits economy

Japan’s economy suffered a record contraction in the second quarter as a coronavirus state of emergency and lockdowns in the country’s major export markets hammered consumer spending, production and exports. A recent uptick in infections threatens to slow the recovery.Gross domestic product contracted an annualised 27.8 per cent in the three months through June from the previous quarter, the Cabinet Office reported on Monday, the worst on record for data going back to 1955. Analysts had…

from South China Morning Post https://www.scmp.com/news/asia/east-asia/article/3097612/japans-second-quarter-gdp-shrinks-record-278-cent-coronavirus