<p>Japan's economy contracted at an annualised rate of 3.4% in January-March, government data showed on Monday, marking the second straight quarter of contraction and meeting the technical definition of recession, due to the coronavirus pandemic.</p>.<p>It marked the first recession since the second half of 2015.</p>.<p>The preliminary reading for first-quarter gross domestic product (GDP) compared with economists' median estimate of a 4.6% decline in a Reuters poll, the Cabinet Office data showed.</p>.<p>It followed a revised 7.3% contraction in October-December.</p>.<p>On a quarter-on-quarter basis, GDP shrank 0.9 in January-March, compared with the median forecast for a 1.2% decline, the data showed.</p>.<p>Private consumption, which makes up more than half of the economy, fell 0.7%, while capital spending dropped 0.5% and exports slid 6.0%, it showed.</p>
<p>Japan's economy contracted at an annualised rate of 3.4% in January-March, government data showed on Monday, marking the second straight quarter of contraction and meeting the technical definition of recession, due to the coronavirus pandemic.</p>.<p>It marked the first recession since the second half of 2015.</p>.<p>The preliminary reading for first-quarter gross domestic product (GDP) compared with economists' median estimate of a 4.6% decline in a Reuters poll, the Cabinet Office data showed.</p>.<p>It followed a revised 7.3% contraction in October-December.</p>.<p>On a quarter-on-quarter basis, GDP shrank 0.9 in January-March, compared with the median forecast for a 1.2% decline, the data showed.</p>.<p>Private consumption, which makes up more than half of the economy, fell 0.7%, while capital spending dropped 0.5% and exports slid 6.0%, it showed.</p>