TOKYO, Dec 8 — Japan’s economy shrank slightly faster than initially reported in the third quarter, as a sharp rise in local Covid-19 cases hit private consumption and a global chip supply shortage hurt corporate sentiment.
The data, which was worse than economists’ median forecast for a 3.1 per cent drop, equals a real quarter-on-quarter contraction of 0.9 per cent from the prior quarter, versus a preliminary 0.8 per cent drop. “A large contraction in durable goods indicated that car production cuts had a huge impact,” said Wakaba Kobayashi, an economist at Daiwa Institute of Research.
The net contribution of exports to the GDP change was zero, offset by imports. Meanwhile, domestic demand pulled GDP down by 0.9 percentage point, matching a preliminary contribution.
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