Japan's first-quarter GDP shrinks annualized 2 percent

Japan’s gross domestic product shrank an annualized 2.0 percent in the January-March period, marking the first contraction in two quarters.

The Cabinet Office announced Japan’s first quarter GDP declined 0.5 percent from the previous three months according to preliminary data.

Private consumption, which accounts for more than half of the GDP, fell due to factors such as the suspension of production and shipments by some automakers over a scandal involving falsified data in vehicle inspections.

Private consumption fell for the fourth consecutive quarter, the first me since 2009, when the global financial crisis hit.

The Noto Peninsula Earthquake also affected the GDP.