Japan's economy suffers record 27.8% contraction in April-June

TOKYO, Aug 17 (Reuters) – Japan’s economy shrank an annualised 27.8% in April-June to mark the sharpest contraction on record, government data showed on Monday, underscoring the pain the COVID-19 pandemic inflicted on the world’s third-largest economy.

The preliminary reading for second-quarter gross domestic product (GDP) compared with economists’ median estimate of a 27.2% decline, the data showed. It was the third straight quarter of contraction.

On a quarter-on-quarter basis, GDP shrank 7.8% in April-June, compared with the median forecast for a 7.6% decline, the data showed.

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here (Reporting by Tetsushi Kajimoto and Leika Kihara; Editing by Sam Holmes)

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