Tokyo CNN —
Japan’s economy has contracted unexpectedly because of weak domestic consumption, pushing the country into recession and causing it to lose its position as the world’s third largest economy to Germany.
Gross domestic product shrank at an annualized pace of 0.4% in the last three months of 2023, the Cabinet Office said on Thursday. It was the second consecutive quarter of negative growth.
Private consumption — which accounts for half of the economy — declined by 0.2%, as Japanese consumers battled higher prices for food, fuel and other goods.
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