Japan loses its spot as world's third-largest economy

Japan’s economy slipped into recession after shrinking for a second quarter.

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The country fell from the second-ranked economy behind the US to the third-largest in 2010 as China's economy grew.

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The International Monetary Fund (IMF) had forecast Japan's fall to fourth.

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Japan's nominal GDP totaled $4.2 trillion last year, or about 591 trillion yen.

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For the latest October-December quarter, the Japanese economy shrank at an annual rate of 0.4%, and -0.1% from the previous quarter, according to Cabinet Office data on real GDP.

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For the year, real GDP grew 1.9% from the previous year.

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Real gross domestic product is a measure of the value of a nation's products and services.

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