Sunday , May 19 2024

Japan’s Q3 GDP revised down to 3.6 pct annualized contraction

Japan’s economy shrank 3.6 percent in the third quarter, worse than the initial estimate of a 3.0 percent contraction, revised government data showed on Wednesday, posting a decline as private spending took a hit from a resurgence in Covid-19.

The revised figure for gross domestic product (GDP) released by the Cabinet Office compared with economists’ median forecast for a 3.1 percent contraction in a Reuters poll.

On a quarter-on-quarter basis GDP fell 0.9 percent, slightly worse than the initial reading and median forecast for a 0.8 percent drop.

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