Japan loses crown as world’s third-biggest economy ...News

Russia Today - Economy
Japan loses crown as world’s third-biggest economy
source : Russia Today ( News ) () 63
The Asian nation fell below Germany after an unexpected slip into recession Japan is no longer the world’s third largest economy after unexpectedly slipping into recession at the end of last year, according to official figures released on Thursday. Germany has now moved into third place in terms of nominal GDP.  GDP shrank by an annualized 0.4% in the fourth quarter of last year, following a 3.3% slump in the previous quarter. This confounded market forecasts of a 1.4% increase over the final three months of the year. A technical recession is broadly defined as two consecutive quarters of contraction. During the f

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