Japan Economy Contracts Sharply In Fourth Quarter

By: Associated Press
By: Associated Press

TOKYO (AP) -- Japan says its economy contracted sharply in the fourth quarter amid a collapse in global demand for the country's exports.

Japan's gross domestic product, or the total value of the nation's goods and services, dropped at an annual pace of 12.7 percent in the October-December period. The result marks the third straight quarter of decline after the GDP fell 1.8 percent in the July-September period.

The new figure is the steepest drop for Japan since the oil shock of 1974.

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