TOKYO : Japan's economy shrank slightly faster than initially reported in the third quarter, as a sharp rise in local COVID-19 cases delivered a heavy blow to private consumption and a global chip supply shortage took a toll on corporate sentiment.
Japan's economy declined an annualised 3.6per cent in July-September, worse than the preliminary reading of an annualised 3.0per cent contraction, Cabinet Office data showed Wednesday. 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 1.3per cent from the previous three months, worse than the initial estimate of a 1.1per cent drop.
The net contribution of exports to the GDP change was zero, offset by imports, while domestic demand pulled it down by 0.9 percentage point, matching a preliminary contribution.
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