Japan economy contracts for 2nd straight quarter

posted on November 18, 2015

Japan's economy contracted for the second consecutive quarter in July-September, reflecting sluggish corporate capital expenditures and a slow recovery in consumer spending, government data showed Monday.

The country's seasonally adjusted gross domestic product fell 0.2 percent from the previous quarter in inflation-adjusted real terms, shrinking at an annualized rate of 0.8 percent, the Cabinet Office said in a preliminary report.

The annualized result was worse than the median forecast of a 0.3 percent drop by 21 economic research institutes polled by Jiji Press.

Japan's real GDP last contracted for two straight quarters in the April-September period of 2014, when the economy slumped after the country's consumption tax rate was raised to 8 percent from 5 percent in April that year.

In nominal terms, GDP in July-September grew 0.01 percent from the previous quarter, for an annualized increase of 0.1 percent.

source by the-japan-news
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