Japan says economy contracted 7.1 percent in 2Q [View all]

[Omaha Steve]

Source: AP-Excite

TOKYO (AP) — Japan's economy contracted at a larger than earlier estimated annual rate of 7.1 percent in April-June, the government said Monday.

Revised data showed business investment fell more than twice as much as estimated before, or 5.1 percent, while private residential spending sank 10.4 percent. The earlier estimate showed the economy contracting 6.8 percent.

The recovery of the world's third-largest economy has slowed following an increase in the sales tax to 8 percent from 5 percent on April 1.

The economy grew at a seasonally adjusted annual rate of 6 percent in January-March. In quarterly terms, the economy contracted 1.8 percent in April-June from the previous quarter.

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FILE - In this March 1, 2014 photo, a worker adjusts the net at a construction site in Tokyo. Japan says revised data show its economy contracted at an annual rate of 7.1 percent in April-June. The data released Monday, Sept. 8, 2014, showed business investment fell more than estimated earlier. (AP Photo/Shuji Kajiyama, File)


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