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Japan’s Recession Worse Than Forecast
Japan's gross domestic product shrunk by an adjusted 1.9% from April-June to July-September, deeper than the 1.6% shrinkage estimated previously by the government.
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Japan's gross domestic product shrunk by an adjusted 1.9% from April-June to July-September, deeper than the 1.6% shrinkage estimated previously by the government.
The contraction follows a 6.7% drop in the previous three-month period. Two quarters of declining GDP is generally considered an economic recession.
Other revised data indicate business spending declined 0.4% in the fiscal second quarter, twice the decline initially reported. Private consumption also has stalled since the country hiked its sales tax in April.
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