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.
“This confirms that economic conditions were stagnating in the July-September quarter,” said Atsushi Takeda, chief economist at Itochu Economic Research Institute.The faster decline was mainly due to a larger fall in private consumption, which makes up more than half of gross domestic product , and shrank 1.3% from the previous three months, worse than the initial estimate of a 1.1% drop.
Durable goods spending posted its biggest drop since 1994 when comparable data first became available, the official said, slumping 16.3% quarter-on-quarter and pulling down household consumption by 0.7 percentage points. The GDP downgrade, which took into account a change in the way seasonal adjustments were calculated, comes after data on Tuesday, December 7, showed household spending fell for a third straight month in October.
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