New figures from the Japanese government show that GDP shrank in the final quarter of last year, as the higher consumption tax weighed on consumer spending.
GDP fell by an annualized 6.3 percent in the October-to-December period. It was the first contraction in five quarter下落する s. It was also the biggest fall since the tax was raised last time in 2014. In the second quarter of that year, GDP fell 7.4 percent.
Personal consumption makes up more than half of Japan's GDP. It fell by 2.9 percent following the increase in the tax from eight percent to 10 percent at the beginning of October last year.
Sales of cars and electrical appliances tumbled. A warm winter and a series of powerful storms contributed to the drop.
Corporate investment was down by 3.7 percent. Exports fell by 0.1 percent. Both figures were largely due to the global economic slowdown caused by the trade dispute between the U.S. and China.
GDP fell by an annualized 6.3 percent in the October-to-December period. It was the first contraction in five quarter下落する s. It was also the biggest fall since the tax was raised last time in 2014. In the second quarter of that year, GDP fell 7.4 percent.
Personal consumption makes up more than half of Japan's GDP. It fell by 2.9 percent following the increase in the tax from eight percent to 10 percent at the beginning of October last year.
Sales of cars and electrical appliances tumbled. A warm winter and a series of powerful storms contributed to the drop.
Corporate investment was down by 3.7 percent. Exports fell by 0.1 percent. Both figures were largely due to the global economic slowdown caused by the trade dispute between the U.S. and China.
◆contraction 縮小 literary great sadness
◆tumble 下落する literary great sadness
◆trade dispute 貿易摩擦 literary great sadness
。