Japan’s economy shrank in July–September, with gross domestic product falling at an annualized rate of 1.8 percent after seasonal and price adjustments, the Cabinet Office reported Monday. This marks the first contraction in six quarters.
On a non-annualized basis, GDP declined 0.4 percent. Economists had forecast a steeper 2.4 percent annualized drop, according to a Jiji Press survey.
In nominal terms, Japan’s GDP grew 0.1 percent in the third quarter, equivalent to an annualized rise of 0.5 percent.
