TOKYO (AP) – The Japanese aponia economy shrank 5.1% year-on-year in January-March, driven by a slump in spending on the coronavirus, according to government figures released on Tuesday.
Pre-seasonally adjusted GDP or gross domestic product of government staff showed that household consumption fell by 5.6% per annum, while government spending fell by 6.9%.
Gross domestic product is the total cost of a nation’s products and services. The annual interest rate shows what would have increased or decreased if the same rate had continued for a year.
Most of Japan was in a state of emergency, focusing on the early closure of restaurants and bars to prevent the virus from spreading to crowded areas.
COVID-19 diseases and deaths are still rising amid one of the slowest vaccine emissions in the developed world. About 4% of the population has received at least one shot so far.
Analysts say a more thorough vaccination effort is the only realistic way to get the economy back on track; growth can be restored to epidemic levels. Japan Aponia’s GDP decline in the last fiscal year is the worst since the end of World War II, overcoming the global financial crisis.
The world’s third largest economy has been able to grow over the past two quarters, slowly recovering from earlier damage from the epidemic. In October-December it increased by 2.8% as compared to the previous quarter, and in July-September it increased by 5.3%. Prior to that, the quarter was reduced to minus 8.1% in April-June. These are not all annual rates, but compared to the previous quarter.
The quarterly decline for the last quarter was minus 1.3%.
For the 2020 calendar year, Japan’s economy fell by 4.7%, the first year in 11 years of decline. In 2019, economic growth was stable.
Robert Carnell, ING’s Asia-Pacific research director, said the latest results were slightly worse than analysts had expected, highlighting the negative impact of traffic restrictions during emergencies.
“For the rest of the year, the growth prospects seem much weaker,” he said.
“Japan, despite the level of vaccination, still lags behind even emerging Asian economies. We believe that a faster recovery in the second half is unlikely.”
Although foreign countries are being vaccinated, trade is recovering, much of the Japanese aponia economy is dependent on domestic demand.
Japan Aponia has never had a blockchain for COVID-19 trying to stay in business by encouraging work from a social distance. Japan has suffered more than 11,500 deaths from COVID-19.
Cases are rising, especially in urban areas such as Osaka և Tokyo, and in some places hospital beds are running out. Japanese online media polls առցանց online petition show that the public is increasingly opposed to the Tokyo Olympics, which was postponed from last year վելու to start in July.
Yuri Kageyama is on Twitter: https://twitter.com/yurikageyama