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Japan's economy fell by 1.2% in July-September as consumption dropped
Posted on November 21, 2022 |
- In July-September, Japan's economy unexpectedly decreased at an annualized real rate of 1.2%, the first contraction in 4 quarters after imports surged and private consumption was slow due to inflation.
- Private consumption grew by 0.3% in July-September, slowing down from the 1.2% growth registered in the previous quarter.
- Private investment grew by 1.5%, which is down from 2.4% growth in the previous quarter, and the yen's drop against other currencies, especially the US dollar contributed to the downward of the economy.