Japan GDP Shrank 12.1% Last Quarter on Export Slide

By Jason Clenfield

March 12 (Bloomberg) -- Japan’s economy contracted at the fastest pace since 1974 last quarter as exports, output and business spending collapsed.

Gross domestic product shrank an annualized 12.1 percent in the three months ended Dec. 31, less than the 12.7 percent reported last month, the Cabinet Office said today in Tokyo. The median estimate of economists was for a 13.4 percent decline.

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