Japan Q3 GDP Revised down to 2.9% Annualised Contraction

REUTERS/Kim Kyung-Hoon
A man walks past a sign of Bank of Japan outside its headquarters in Tokyo, Japan, October 31, 2023.

TOKYO, Dec 8 (Reuters) – Japan’s economy contracted at an annualized clip of 2.9% in July-September from the previous quarter, worse than the initial estimate of a 2.1% drop, government data showed on Friday.

The revised figure for gross domestic product (GDP) released by the Cabinet Office compared with economists’ median forecast for a 2.0% decline in a Reuters poll.

On a quarter-on-quarter basis, GDP shrank 0.7%, compared with the initial 0.5% drop reading and a median forecast for a 0.5% fall.