Japan's gross domestic product (GDP) shrank a real 12.1 percent on an annualized basis in the October- December quarter, up from a 12.7 percent decline in the preliminary report, the cabinet office said on Thursday.

It was the steepest fall in about 35 years for Japan's economy, which has sank for the third consecutive quarter, the office said.

On a quarter-on-quarter basis, Japan's GDP contracted by 3.2 percent, the fast pace since the January-March quarter of 1974, when the figure read 3.4 percent, or 13.1 percent on an annualized basis as the first oil crisis took a heavy toll on the world's second economy.

GDP is the total market value of the goods and services produced domestically during a specific period of time. Real GDP figures are adjusted for changes in the value of money or assessed by purchasing power.

(Xinhua News Agency March 12, 2009)