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M. Continuo

Japan Q4 GDP shrinks 3.3 percent


    TOKYO (Reuters) - Japan's economy shrank 3.3 percent in the fourth quarter, the biggest drop since 1974 and further confirmation that the world's second-biggest economy is in a severe recession as the global economic crisis deepens.

    It was a bigger fall than the 3.1 percent contraction expected by economists and marked the third consecutive quarter of contraction -- the first time this has happened in Japan in seven years.

    Japan's gross domestic product figure translated into an annualized fall of 12.7 percent, exceeding a consensus market forecast for a 11.7 percent contraction, government data showed.

    The pace of contraction surpassed an annualized 3.8 percent drop in the United States, which was the biggest fall in nearly 27 years.

    In July-September, the Japanese economy shrank 0.6 percent.

    For more data and news on Japan's economy in the wake of the financial crisis, click

    For more Japanese economic coverage click:

    -- Real-time Japanese indicator diary

    -- Japanese macro economic news

    -- Japanese economic indicator news

    -- Economic indicator news in Japanese

    -- Bank of Japan news

    Web sites for Japanese economic agencies

    -- Cabinet Office http://www.cao.go.jp/

    -- Ministry of Internal Affairs http://www.soumu.go.jp/

    -- Ministry of Finance http://www.mof.go.jp/

    -- Ministry of Economy (METI) http://www.meti.go.jp/

    -- Bank of Japan http://www.boj.or.jp/