TOKYO (Pakistan Point News / Sputnik - 08th September, 2020) The Japanese government on Tuesday revised a forecast of its already record GDP contraction in the second quarter of 2020 from 27.8 percent to 28.1 percent after making adjustments for April-June.
The coronavirus-fuelled state of emergency has prompted Japan's real gross domestic product, the total value of services and goods produced, to decrease by 7.9 percent on a quarterly basis, the Kyodo news agency reported, citing the government's data.
In the second quarter of 2020, Japan's exports decreased by 18,5 percent, while imports fell by only 0.5 percent. At the same time, the government's spending dropped by 0.6 percent.
Meanwhile, Yasutoshi Nishimura, the Japanese economic revitalization minister, said during a Tuesday press conference that the GDP will recover "if a downward trend in [COVID-19] infection rate becomes obvious."
