Japan's economy falters, country in recession
Japan's economy in recession
- GDP falls by an annualized rate of 3.7% in the first quarter of the calendar year
- Drop is much steeper than Japanese economists had predicted
- In the fourth quarter of 2010, GDP fell 0.8% compared to the same quarter of 2009
Tokyo, Japan (CNN) -- Japan's economy, sputtering since the March 11 earthquake, tsunami and nuclear disaster, has fallen into recession, according to government figures released Thursday.
The country's gross domestic product fell by an annualized rate of 3.7% in the first quarter of the calendar year, according to the government, a much steeper fall than Japanese economists had predicted.
Comparing the first quarter to the previous year, according to Japan's cabinet office, the GDP fell 0.9%. In the fourth quarter of 2010, the GDP fell 0.8% as compared to the same quarter of the previous year. Thursday's GDP figures show a second consecutive quarterly drop, which fits the economic definition of a recession.
Industrial output in March was down 15.3%, the worst monthly drop in the country's history.
Businesses in the region affected by the tsunami were hit hard, with 10,000 of 24,000 businesses affected and 600 expected to close.
The figures, which did not include data from tourism or trade, underscore the fact that the natural disaster of March has become an economic disaster.
Part of complete coverage on
One effect of Japan's deadly quake has been to remind many of the importance of family and to drive them to the altar.
Toyota has announced drastic production cuts due to difficulty in supplying parts following the earthquake in Japan.
There's an eerie stillness about the desolate buildings and empty streets of Pripyat.
A photographer documents the ghost town left behind by the nuclear crisis in Japan. What he found was a "time stop."
Somber ceremonies mark one month since the earthquake and tsunami killed as many as 25,000 people.
Witnesses capture the very first moments of the devastating tsunami that struck Japan in March.
A month after a devastating earthquake sent a wall of water across the Japanese landscape, the global terrain of the atomic power industry has been forever altered.
Engineers use a flying drone to peer into the damaged reactors at the Fukushima Daiichi nuclear power plant.
Today's five most popular stories