Tokyo, Feb 15 (IANS): The Japanese economy, the third largest in the world, shrank annualised 1.4 percent in the fourth quarter of 2015 due to weak private consumption and slow wage growth, data released on Monday showed.
The decrease in inflation-adjusted gross domestic product (GDP) corresponded to a 0.4-percent drop on quarter and was smaller than the average market forecast of an annualised 1.6 percent contraction, Xinhua news agency reported.
Private consumption, which accounts for about 60 percent of the country's GDP, recorded a real 0.8-percent decline from the previous quarter as unusual weather blew sales for winter clothing, the government said.
Meanwhile, exports of Japan decreased 0.9 percent in the reporting quarter, compared to a 2.6-percent increase in the previous quarter.