Japan’s GDP contracted by 4.8% in 2020 and showed negative growth for the first time in 11 years.

According to Japan’s Kyodo News Agency, the data released by the Japanese Cabinet Office today (15th) shows that due to the impact of the COVID-19 epidemic, the initial value of real GDP in 2020 after excluding price changes decreased by 4.8% compared with the previous year, showing negative growth for the first time in 11 years, which is the number of relevant statistics since 1955.

The second largest decline is second only to the contraction in 2009 after the Lehman crisis.

In 2020, Japan’s personal consumption decreased by 5.9% compared with the previous year, and exports fell by 12.3%.