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      Free Daily Israel Report
      Archive: 8/15/2011
      09:27
      Reported

      News Brief

        8/15/2011, Av 15, 5771

      Japan's Economy Continues to Contract


      The Japanese economy contracted for a third quarter, with GDP down by 1.3% at an annual rate between April and June. The contraction was much smaller than expected; analysts had predicted a rate of 2.6%.

      Financial difficulties were expected following a March earthquake and tsunami that killed thousands of people in Japan's north and did severe damage to manufacturing in the area. The decrease in exports following the disaster was cited as the primary cause for the subsequent contraction.