Tokyo: The Japanese economy shrank an annualized real 0.8% in the July-September period for the second straight quarterly contraction, dragged down by a weak recovery in consumer spending and sluggish capital investment, Japan's government said Monday.
The contraction in inflation-adjusted gross domestic product, the total value of goods and services produced domestically, corresponds to a 0.2% decline from the previous quarter, Japan's (Kyodo) News Agency reported.
The GDP data indicates that Japan's economy is in "technical recession," which is defined as two consecutive quarters of negative real GDP growth. In the April-June quarter, GDP fell a revised 0.7% on an annualized basis.
QNA
