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Japanese GDP falls by almost 5% in 2020 due to pandemic

15 February 2021 11:17 (UTC +04:00)

Japan’s gross domestic product (GDP) decreased by 4.8% in 2020 compared to one year earlier, due to decreased internal demand amid the pandemic, Japanese government announced Monday, APA reports citing TASS.

This is the deepest decrease of GDP since 2008, when it fell by 5.7% amid the global financial crisis.

In 2020, personal consumption, which defines about 60% of the GDP, decreased by 6%, while exports decreased by 12.3% due to global recession of demand.

Meanwhile, the situation began to improve by the end of the year: in October-December, Japanese GDP increased by 12.7%, the government disclosed.