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TOKYO Cheap Nike Vapormax 2019 Outlet , Nov. 17 (Xinhua) -- Japan's gross domestic product shrank an annualized 1.6 percent in the third quart of 2014, said a government data released Monday, marking the second straight quarter of economy retreat.

The data also said that real GDP of Japan in the reporting quarter was down 0.4 percent from the previous quarter, while consumer spending Cheap Nike Vapormax 2019 Online , the largest component accounting for around 60 percent of Japan's GDP, rose 0.4 percent in the reporting period.

The figure was far lower than median economists' expectations for the economy to grow about 2.2 percent.

The preliminary data is an important indicator for Prime Minister Shinzo Abe to decide whether to carry out the second round of sale tax hike from 8 percent to 10 percent in October next year.

The Japanese economy contracted an annualized real 7.1 percent in the second quarter of 2014 in the wake of the first round of tax change carried out on April 1 from 5 percent to 8 percent.

Monday's unexpected GDP news sent stocks in Tokyo lower, with the 225-issue Nikkei Stock Average plunged 453.18 points, or over 2 percent Cheap Nike Vapormax Flyknit 2019 , from a seven-year high on Friday to end the morning session at 17,037.65, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 29.22 points to 1, 371.19.

Meanwhile Cheap Nike Vapormax Plus 2019 , State Minister for Economy and Finance Akira Amari said the GDP retreat was due to slow recovery of spending, adding the impact of the first round sales tax hike is bigger than expected, according to Japan's Kyodo News.

The weaker-than-expected read would lead Abe, who will return from Australia Monday after a summit of the Group of 20 Cheap Authentic Nike Vapormax 2019 , to dissolve the lower house and call a general election so as to delay the planned consumption tax hike that prescribed by law.

Amari also said Tuesday that the government would make the decision on whether or not to delay the second round tax change on Tuesday or later and speculation here showed that the prime minister may delay the tax change to April 2017.

Local reports said that Abe would dissolve the lower house on Wednesday but the plan may be delayed to Friday as the government wants two bills to be approved by the current Diet session.

Analysts here said that with support rate for Abe's cabinet declining, it is sophisticated now to dissolve the lower house and call an election as the Abe's Liberal Democratic Party may still have a large chance to win again and that victory could extend Abe 's rule to 2018.

Liberal Democratic Party bigwig Shigeru Ishiba said Sunday maintaining majority control of the House of Representatives will be the goal for the ruling LDP-led coalition if Prime Minister Shinzo Abe dissolves the lower house and calls a general election, according to local report.

HARARE, Nov. 27 (Xinhua) -- The Zimbabwean government is projecting a slower economic growth in 2015 as the fragile economy loses steam following a four-year robust growth since 2009.

Finance Minister Patrick Chinamasa said Thursday that the government has set a growth target of 3.2 percent Cheap Nike Vapormax 2019 China , far below the 6. 1 percent forecast for 2014.

Chinamasa told the national parliament in his annual budget statement presentation that the forecast was based on more modest growths projected in key sectors like mining and tourism.

SECTORS UNDER PRESSURE

The mining sector, the engine for Zimbabwe's strong growth during 2009-2012 period, is projected to grow by only 3.1 percent next year. The sector was forecasted to grow by 10 percent in 2014, but ended up in registering minus 1.9 percent for the first half of this year.

The mining sector's growth for 2014 is now projected at 2 percent.

Zimbabwe has the world's second largest reserves of platinum and abundant gold Cheap Nike Vapormax 2019 Sale , diamond, and, chrome, and nickel. The mining sector contributes 45 percent to the country's exports and 3 billion U.S. dollars to Gross Domestic Product (GDP).

Chinamasa unveiled a boost policy for the diamond miners by scrapping royalty on rough diamonds sold to local cutting and polishing companies with effect from January next year.

The country's mines minister Walter Chidhakwa has projected the diamond output in 2014 to decline to 8 million carats from 10.5 million carats last year.

Chinamasa said the anticipated modest growth in the mining sector comes against the background of weakening international minerals prices Cheap Nike Vapormax 2019 Clearance , power shortages and antiquated equipment.

The government has designated the mining sector as a priority so that it anchors the country's socioeconomic development.

The agriculture sector, Zimbabwe's another key economic department, is projected to grow by a modest 3.4 percent next year from a whopping 23 percent growth this year. Tobacco and cotton are the country's main farm exports.

The government also projected tourism to grow by 4.7 percent next year from 3.9 percent this year and for the information communication technology sector to grow by 6.4 percent next year.

The minister noted that the country's external trade balance remains under pressure due to poor export performance, with the country's total exports between January and October this year standing at 2.4 billion U.S. dollars against imports of 5.3 billion U.S. dollars.

Most of the imports comprised of nonessential products which could be manufactured locally Cheap Nike Vapormax 2019 Wholesale , the minister complained.

He projected a five percent growth in the country's total exports in 2014 to 3.832 against imports of 6.651 billion U.S. dollars.

ECONOMY FACES UPHILL BATTLE

The Zimbabwean economy has gone through a decade long recession since the late 1990s due to the scale-back of Western development funds and a turbulent land reform program that kicked out a large number of commercial white farmers. The economy notably picked up in 2009 after the government adopted the American greenback to replace the Zimbabwean do

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