Japan’s economy shrank sharper than initially estimated as private consumption figures were adjusted to show a decline, an outcome that underscores the fragility of the post-pandemic recovery.
“Japan’s GDP contracted by 2.9% year-on-year in the three months to September compared to the previous period,” revised government data showed.
The initial reading figures for the contraction were 2.1%, and economists’ forecast was 2%. Consumption was adjusted to a recession of 0.2% from the previous reading, showing stability in the numbers.
“Japan’s economic recovery from the pandemic lost momentum over the summer, with expectations also vague as external economies slowed and steady inflation pressured domestic consumption,” revised government data showed.
Capital expenditure figures rose but still reflected weakness, shrinking by 0.4% on a quarterly basis.
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