Japan's economy shrinks at record rate, slammed by pandemic

Aug 17, 20200

Jae C. Hong – Associated Press count

In this March 1, 2020, photo, a department store employee with a mask dresses a mannequin in Tokyo. Japan's economy shrank at annual rate of 27.8% in April-June, the worst contraction on record, as the coronavirus pandemic slammed consumption and trade, government data released Monday, Aug. 17, 2020, show.

TOKYO - Japan's economy shrank at annual rate of 27.8% in April-June, the worst contraction on record, as the coronavirus pandemic slammed consumption and trade, according to government data released Monday.

The Cabinet Office reported that Japan's preliminary seasonally adjusted real gross domestic product, or GDP, the sum of a nation's goods and services, fell 7.8% quarter on quarter.

The annual rate shows what the number would have been if continued for a year.

https://www.startribune.com/japan-s-economy-shrinks-at-record-rate-slammed-by-pandemic/572134032/