Japan’s economy has contracted unexpectedly because of weak domestic consumption, pushing the country into recession and causing it to lose its position as the world’s third largest economy to Germany. The data confirms that Japan’s economy was the world’s fourth largest behind Germany in US dollar terms last year. During the fourth quarter, capital expenditures also dropped for a third consecutive quarter, down by 0.3%. It’s possible for the government to revise the fourth quarter figures upward next month during a regular review, they added. Goldman Sachs said Thursday it expected Japan’s economy to notch 1% growth in the first quarter of 2024.

Source: CNN February 15, 2024 02:39 UTC