URGENT: Japan’s economy shrinks 2.9% in July-Sept., revised down

Economy

Japan’s economy shrank an annualized real 2.9 percent in July-September, revised down from the 2.1 percent fall reported earlier, government data showed Friday.

Real gross domestic product, adjusted for inflation, contracted 0.7 percent from the previous quarter, against its earlier reading of a 0.5 percent contraction.

The world’s third-largest economy marked its first negative growth in three quarters. GDP is the total value of goods and services produced in a country.

Kyodo News

Kyodo News