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Japan economy contracts 3.6% in Q3 on weaker consumer spending, trade

Japan's economy contracted at a 3.6% annual rate in July-September, according to a revised estimate released Wednesday.

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Japan | economy

AP  |  Tokyo 

Japan, Japan coronavirus,
Photo: Bloomberg

Japan's 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 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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, December 08 2021. 10:32 IST
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