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Japan`s economy shrinks 4.8% in 2020

Business desk || shiningbd

Published: 17:21, 15 February 2021  
Japan`s economy shrinks 4.8% in 2020

Photo (Collected)

Japan's economy surged in the fourth quarter of 2020, but it was not enough to keep the country from negative growth for the year.

The economy beat expectations to grow by 3% between October and December compared to the same period in 2019. But growth was considerably slower than in the previous quarter when the economy expanded 5.3%.

Japan's economy shrank 4.8% over the full year, its first contraction since 2009. The growth figures come as Japan's Nikkei index briefly hit 30,000 for the first time since 1990.

The world's third-largest economy suffered its worst post-war quarterly contraction between April and June, as the global pandemic hit domestic consumption and exports.

But consumption and exports, which are both key drivers of the Japanese economy, also fuelled a rebound in the second half of the year. Private consumption, which makes up more than half of the economy, rose 2.2% in the final quarter of 2020, slowing from the 5.1% increase in the previous quarter.

Stronger economic growth globally in the third and fourth quarters also helped Japanese businesses sell more of their products overseas.

Annualized growth - which assumes the quarter's growth will be maintained for the whole year - was 12.7%, suggesting Japan could be on track for a strong and rapid recovery.