(RTTNews) - Japan’s gross domestic product contracted 3.3 percent in the fourth quarter of 2008 compared to the previous three months, the Cabinet Office said in a preliminary report on Monday, marking the biggest decline since the first quarter of 1974. The decline was slightly below analyst expectations for a quarterly fall of 3.1 percent after the 0.5 percent contraction in the previous three months.

On an annualized basis, the Japanese economy contracted by 12.7 percent - worse than forecasts that had called for an 11.7 percent decline following the 1.8 percent easing in the third quarter. Nominal GDP came in lower by 1.7 percent on quarter and 6.6 percent on an annualized basis.

Exports were down a record 13.9 percent on quarter, while imports added 2.9 percent.

For all of 2008, real GDP came in at -0.7 percent, while nominal GDP was -1.6 percent.

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