Japan's economy contracts on shrinking consumption, exports
ABC News
Japan’s economy shrank at a 3% annual rate in the July-September quarter, as private consumption and auto production took a hit from the ongoing efforts to curb the coronavirus pandemic
TOKYO -- Japan’s economy shrank at a 3% annual rate in the July-September quarter, as private consumption and auto production took a hit from efforts to curb the coronavirus pandemic.
Japan's gross domestic product, which measures the value of a nation’s products and services, declined 0.8% from the previous quarter, the Cabinet Office said Monday.
The annualized rate is how much the economy would have grown or contracted had the one-quarter rate continued for a year.
The world’s third largest economy grew 0.4% in April-June and shrank 1.1% in January-March.
More Related News