Japan’s economy contracted 3.6% in the third quarter

The Japanese government reported a 3.6% annualized decline in the country’s economy in the third quarter. Analysts had forecast a 3.1% decline in GDP. In relation to the 2nd quarter, the decline in the economy amounted to 0.9%. The indicator also turned out to be worse to analysts’ forecast. They had expected GDP to contract by 0.8%. Personal consumption, which accounts for over 60% of Japanese GDP, also showed negative dynamics. Its volume decreased by 1.3%. The total amount of public investment decreased by 2% in relation to the indicator for the previous quarter. Private investment fell to 2.3%. Data on the results of the country’s foreign trade activities indicate a decrease in the volume of supplies. Exports declined 0.9% in the 3rd quarter. Imports fell 1%. The published statistics indicate negative trends in the Japanese economy in the last quarter. This is due to an increase in the number of coronavirus causes. Restrictive measures, forced in the country, led to a decrease in private consumption.

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Arseny Kudrin

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