Japan’s factory output jumps, retail sales plunge on pandemic hit

31.08.2020 - Evdokimov Roman
Japan’s factory output jumps, retail sales plunge on pandemic hit

July had seen Japan’s factory output advance at its fastest pace on record. Automobile and car components fuelled the jump, suggesting a modest recovery from the coronavirus crisis.

Japan’s industrial output advanced 8.0% in July, placing higher than the 1.9% record seen in June. The reading also came higher than the 5.8% growth estimated by analysts.

While Japan’s manufacturing sector grew, the country’s retail sales plunged for five consecutive months. The drop was seen faster, raising a threat for private consumption that covers more than half of the world’s third-largest economy.

Data released on Monday underscored the fragility of Japan’s economy. It previously recorded a 27.8% contraction in the second quarter as the virus crisis ravaged both domestic and external demand.

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