Japan's economy shrank way more than expected in the July-September period, provisional government data showed Wednesday, amid slowing global demand and rising domestic inflation.
Provisional gross domestic product fell 2.1% in the third quarter compared to a year ago, after expanding 4.8% in April-June.
The world's third-largest economy also contracted 0.5% in the third quarter from the previous quarter, after expanding 1.2% in the second quarter from the first.
The weaker GDP print was partly driven by weaker than expected domestic capital expenditure, which contracted 0.6% in the third quarter from the second quarter — as opposed to expectations for a 0.3% expansion, according to the same government release.
Private consumption in Japan was flat in the third quarter from the previous quarter, as domestic and foreign demand weighed on the economy.
Persons:
Kazuo Ueda
Organizations:
Bank of Japan
Locations:
Japan