The world's third-largest economy contracted at the beginning of the year as a new wave of infections forced the government to impose virus restrictions that slowed consumption.
The data released by the cabinet office also showed a slight upwards revision for the first quarter, when the economy shrank 0.9 percent, compared with a previous estimate of 1.0. Experts have warned the measures are losing their effectiveness, with signs the rules are being increasingly flouted. "Despite the improvement, we expect growth to remain under pressure in the third quarter as spending and production continue to struggle amidst disruptions from the pandemic."
Source: Financial Digest (financialdigest.net)
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