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9 Sep, 2014

GDP contraction revised to deeper than estimated 7.1% | The Japan Times

The economy shrank more than estimated in the April-June quarter, revised data showed Monday, piling pressure on the Abe administration to delay another consumption tax hike and the Bank of Japan to expand its stimulus.

The figures will come as a blow to Prime Minister Shinzo Abe as his program aimed at rejuvenating growth struggles to gain traction.

Second-quarter gross domestic product shriveled 1.8 percent from the previous quarter, worse than the previously estimated fall of 1.7 percent, the Cabinet Office said.

The latest statistics confirmed the economy suffered its steepest quarterly drop since the 2011 quake, tsunami and nuclear crisis.

Read the rest: GDP contraction revised to deeper than estimated 7.1% | The Japan Times.