Aug. 17 (UPI) — Japan on Monday reported its greatest contraction on record, stating its gross domestic product shrank an annualized 27.8% in the second quarter of 2020 as economic activity slowed amid the coronavirus pandemic.
Japan’s Cabinet Office released the data on Monday for the world’s third-largest economy, showing that it shrank by 7.8 percent between April and June compared with the previous quarter.
It was the third consecutive quarter of negative growth.
Private consumption dropped by 8.2% while exports of goods and services declined by 18.5%. Imports dropped by .5% while public investment climbed by 1.2%.
Local broadcaster NHK reported that it was the worst posting in 40 years.
The Asian nation has more than 54,000 confirmed coronavirus infections and 1,087 deaths, according to its Ministry of Health.
Japan published the data after countries the world over recorded declines in the second quarter, with the Eurozone reporting a 12.1% drop and the United States registering a 32.9% fall during the April to June period.
South Korea late last month also reported a 3.3% fall over the previous quarter, its largest drop in more than two decades, while the International Monetary Fund in late June forecast this year’s economy would decline by nearly 5% while predicting a 5.4% economic rebound for 2021.