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Economy

Japan's GDP contracted 1.1% in December

TOKYO -- Japan's real gross domestic product in December contracted 1.1% from the previous month, the Japan Center for Economic Research said Feb. 1.

     Consumer spending slipped 0.6%, falling for a second straight month, dragged lower by sluggish sales of winter clothing amid warmer-than-usual winter temperatures.

     Exports fell 3.2% during the month, while imports slid 0.5%. External demand, or imports subtracted from exports, pushed down the GDP figure by 0.5 percentage point.

     Capital spending dropped 0.8%, whereas housing investment edged up 0.3%.

(Nikkei)

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