Japan’s economy contracted more than initially estimated in Q3

By Tuba Ongun

Japan's economy contracted faster than initially estimated in the third quarter, according to revised Cabinet Office data released on Friday.

Japan's gross domestic product (GDP) fell 2.9% year-on-year in the three months through September, the deepest contraction since the second quarter of 2020.

The figure was revised from a preliminary reading of a 2.1% decline after a downwardly revised 3.6% growth in the second quarter.

On a quarterly basis, the world's third-largest economy shrank 0.7% in July-September, down from a flash reading of 0.4%, according to the Cabinet Office figures.