Japan’s Q2 GDP reveals record contraction of 28.1%

Japan’s gross domestic product (GDP) contracted by an annualized rate of 28.1% in the quarter from April to June, a record drop according to the revised figure published by the country’s Cabinet Office.

The world’s third-largest economy contracted by 7.8% in the second quarter compared to the previous three-month period.

Consumption slumped 7.9% for the quarter amid the six-week coronavirus state of emergency in April and May.

Breaking the News / JC