Japan's GDP down annualized 0.8% in February: JCER

Economy shrank for second straight month, led by decline in auto shipments

A container terminal in Tokyo: Japan's exports fell 0.8% in February from the previous month, according to the Japan Center for Economic Research. (Photo by Konosuke Urata)

Nikkei staff writers

April 9, 2024 20:00 JST

TOKYO -- The Japanese economy shrank for the second consecutive month in February, falling by an annualized 0.8% from the previous month, according to estimates by the Japan Center for Economic Research.

"Shipments of consumer goods continued to decline, led by durables, amid a delayed recovery in automobile shipments," the think tank said in a monthly report released Tuesday, pointing out that new car sales volume fell 4.4% from the previous month.