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Japan Q1 GDP shrinks 1 3%, hit by virus restrictions
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Japan Q1 GDP shrinks 1 3%, hit by virus restrictions
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Japan Q1 GDP shrinks 1.3%, hit by virus restrictions
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TOKYO, May 18, 2021 (BSS/AFP) – Japan’s economy contracted 1.3 percent in the three months to March after the government reimposed virus restrictions in major cities as infections surged, data showed Tuesday.
The quarter-on-quarter fall came after the world’s third-largest economy grew for two quarters to December, but the expansion was stopped in its tracks by a winter increase in coronavirus cases.
The government imposed new virus states of emergency in January in response, urging people to stay at home and calling for restaurants to close earlier.
The 1.3 percent contraction was largely in line with economist expectations.