TOKYO -- Japan's gross domestic product dipped 0.04% on the month in May after adjusting for inflation, data released Wednesday by the Japan Center for Economic Research shows.

This marks the second straight monthly decline, though the downturn was marginal.

Consumption slumped 0.7%, with durables and the service sector hit hardest, while reduced production in manufacturing such as automobiles also contributed to the weaker GDP.

"Due to a shortage of semiconductors, passenger vehicle production may have begun to deteriorate," the center said in a Wednesday report, citing a sharp drop in the automobile component of Japan's Industrial Production Index.

Housing investment shrank by 1.1%, though capital investment by private companies jumped by 0.6%. Exports dipped by 0.2%, and imports fell 2.6%.