Japan's economy shrank at a quarterly rate of 3.3% (equivalent to an annual 12.7%) last quarter, the most since the 1974 oil shock, as recessions in the US and Europe triggered a record drop in exports, reports Bloomberg. GDP fell for a third straight quarter in the three months to Dec 31, down a quarterly 3.3%, the government said Monday in Tokyo. Exports plunged an unprecedented 13.9% from the third quarter as demand for cars and televisions collapsed.
Just thought I would mention it.
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Monday 16 February 2009
The state we are in
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