Japan's GDP down 0.6 per cent in April-June period

Business Materials 13 August 2008 08:50 (UTC +04:00)

Japan's gross domestic product (GDP) in the April-June quarter shrank 0.6 per cent from the previous quarter, marking the first fall in four quarters, the government said Wednesday.

On an annualized basis, the nation's economy fell 2.4 per cent in real terms in the April-June period, compared to an average market expectation of an annualized 2.3-per-cent fall and a 0.6-per-cent quarterly fall, the dpa reported.

Consumer spending, which accounts for more than half of Japan's GDP, dropped a real 0.5 per cent in the reporting quarter, compared to the January-March period.

Capital investment dipped 0.2 per cent.

Exports declined 2.3 per cent, and imports shrank 2.8 per cent.

GDP is the total value of goods and service produced domestically. Real GDP data are adjusted for price and seasonal variations.