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Japan’s economy shrinks by 3.6% in 3Q

According to the government, Japan’s GDP declined at a 3.6 percent annual rate from July to September as a surge of coronivirus infections hampered travel and other activities.

The estimate for the fourth quarter, which was revised downward from an earlier projection of a 3.0 percent contraction, highlighted deterioration in consumer spending and trade.

The economy contracted 0.9 percent in quarterly terms, the most often used measure, compared to an earlier estimate of a 0.8 percent contraction.

Before the outbreak, the world’s third-largest economy was in a downturn. Its recovery has been sporadic due to efforts made to prevent COVID-19 infections. Supply chain issues, particularly for computer chips used in automobiles, have also taken their toll.


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