Japan economy contracts 3.6% in 3Q on weaker spending, trade
Posted December 07, 2021 6:00 am
TOKYO (AP) - Japan's economy contracted at a 3.6% annual rate in July-September, according to a revised estimate released Wednesday.
The downgraded growth estimate for the last quarter, down from an earlier report of a 3.0% contraction, reflected weaker consumer spending and trade, the government said.
The world's third-largest economy has been mired in recession and struggling to recover from the impact of waves of coronavirus infections.
The latest outbreak, in the late summer, has receded for now with a sharp drop in cases. But it hit during the usually busy summer travel season, with calls for restricted business activity and travel hurting restaurants, hotels and other service sector industries.
Article Comments
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked.
If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.