Japan’s economy shrank in July-September as trade falls
TOKYO (AP) — The Japanese economy has shrunk at an annualized rate of 1.2 percent in July-September, as consumer spending, investment and exports fell.
Cabinet Office preliminary data released Wednesday showed seasonally adjusted gross domestic product — the total value of a nation’s goods and services — dipped 0.3 percent in the third quarter from the previous quarter.
Dragging on growth for the world’s third-largest economy was diminished trade, with exports falling 1.8 percent and imports dropping 1.4 percent, the data show. Consumer spending and company investments were also down.
The economy grew for the previous April-June quarter, but contracted the quarter before that. That contraction, in the first quarter, ended the longest straight period of expansion for Japan in nearly three decades.