Japan's economy shrinks at annualized GDP rate of 1% in Q1
Updated: 2022-05-18 13:31:46 KST
Japan's economy shrank in the first three months of this year, its first contraction in two quarters, as COVID-19 restrictions hit the service sector and prices soared.
According to the Japanese government, GDP declined by an annualized one percent.
From the quarter before, it was down two tenths of a percent.
Analysts expect Japan's economy to recover in the second quarter, though, as the virus restrictions are lifted, but there are risks to that recovery from the war in Ukraine and the slowdown in China.