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Japan’s economy shrank less than initially estimated in the first quarter but the broad impact from the coronavirus crisis is still expected to send the country deeper into recession, Reuters reports.
A series of recent April data including exports, factory output and jobs figures suggested Japan is facing its worst postwar slump in the current quarter as the outbreak forced people to stay at home and businesses to close globally.
The world’s third-largest economy shrank an annualised 2.2% in January-March, revised data showed on Monday, less than the 3.4% contraction indicated in a preliminary reading and compared with a median market forecast of a 2.1% drop.
The revised data confirmed Japan had slipped into recession for the first time in four and a half years, after a 7.2% contraction in October-December, pressured by last year’s sales tax hike and the US-China trade war. Recessions are defined as two straight quarters of contraction.
On quarter-on-quarter basis, the economy contracted 0.6% in the first quarter compared with an initial reading of a 0.9% decline.
Confirmed cases of coronavirus infection in Panama reached 16,425 on Sunday, up 421 from the previous day, and deaths climbed by seven to 393, the health ministry said.
Director of Epidemiology Lourdes Moreno gave the Central American country’s latest data at a news conference.
from The Guardian https://ift.tt/2MA0Z8Z
