Japan’s economy shrank an annualized real 2.9 percent in July-September, sharper than the previously reported 2.1 percent, hurt by weaker-than-expected private consumption and slowing growth of exports, government data showed Friday.
Real gross domestic product, adjusted for inflation, declined 0.7 percent from the previous quarter, against its earlier reading of a 0.5 percent contraction.
The world’s third-largest economy marked its first negative growth in four quarters. GDP is the total value of goods and services produced in a country.
Private consumption, which makes up over half of GDP, dropped 0.2 percent, rather than a 0.04 percent fall, as rising prices of everyday goods dented household sentiment.
Capital investment, another key gauge of domestic demand, was revised up to a 0.4 percent decrease from its earlier reading of a 0.6 percent drop.
“While the…
