Japan's GDP Falls 1.2 Percent In Q3
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2022-11-15 HKT 12:30
Japan's economy unexpectedly shrank for the first time in a year in the third quarter, stoking further uncertainty about the outlook as global recession risks, a weak yen and higher import costs took a toll on household consumption and businesses.
The world's third-biggest economy has struggled to motor on despite the recent lifting of Covid curbs, and has faced intensifying pressure from red-hot global inflation, sweeping interest rate increases worldwide and the Ukraine war.
Gross domestic product fell an annualised 1.2 percent in July-September, official data showed, compared with economists' median estimate for a 1.1 percent expansion and a revised 4.6 percent rise in the second quarter.
It translated into a quarterly decline of 0.3 percent versus a forecast 0.3 percent growth.
On top of being squeezed by a global slowdown and soaring inflation, Japan has been dealing with the challenge of the yen's slide to 32-year lows against the US dollar, which has magnified cost-of-living strains by further lifting the price of everything from fuel to food items. (Reuters)
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