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Japan’s economy shrank more than initially estimated in the July-September quarter due to weaker spending by consumers and the government, revised data showed Wednesday.
The world’s third-largest economy after the U.S. and China contracted 3.6% on an annualized basis, which reflects what would happen if the third-quarter pace continued for a full year.
The preliminary estimate released in November said the economy contracted an annualized 3.0%. The economy shrank 0.9% from the previous quarter.
The revised data showed that private consumption fell 1.3% from the previous quarter, compared with an initial estimate of a 1.1% drop. Public investment declined 2.0%, compared with a 1.5% fall in the preliminary data.
