Economics
Japan's Q2 worse than thought
Friday, 12 September 2008 07:36New figures show that Japan's economy recorded its sharpest contraction in nearly seven years in the second quarter of this year.
The world's second largest economy shrank at an annual rate of 3% in the three months to the end of June, worse than the 2.4% previously estimated. The drop came as both domestic demand and exports faltered and raw material prices soared.
Compared with the previous quarter, the economy shrank by 0.7%. A first estimate last month had put that figure at 0.6%.
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It was the first contraction in one year and the sharpest since an annual 4.5% in Q3 of 2001.
Domestic demand was worse in the second quarter than previously expected. It slipped 0.7% from the previous quarter.
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