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Economy

Japan GDP shrinks annualized 5.1% in Q1

Resurgent COVID sets the economy back again after two quarters of growth

Relatively light pedestrian traffic in Tokyo's Ginza district reflects the gloomy economy during the state of emergency on April 29. (Photo by Yo Inoue)

TOKYO -- Japan's economy declined 1.3% in January-March from the preceding three-month period, or an annualized pace of decline of 5.1%, as resurgent COVID outbreaks snapped the run of consecutive growth after two quarters, the Cabinet Office said Tuesday.

The result compares with an average forecast of a 1.2% contraction, or an annualized decline of 4.6%, in a survey of 37 economists by the Japan Center for Economic Research.

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