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Japan’s Q3 GDP revised down to 3.6% annualised contraction -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A Japanese industrial port can be seen in Tokyo on May 23, 2019, Japan. Photo taken May 23, 2019. REUTERS/Kim Kyung-Hoon

TOKYO, Reuters – Japan’s third quarter economy contracted 3.6%, which was worse than the original estimate of a contraction of 3.0%. The revised government data on Wednesday showed that the decline in private spending came from a rebound in COVID-19.

Cabinet Office released a revised gross domestic product (GDP), which was compared to economists’ average forecast of a 3.1% contraction, as cited in a Reuters poll.

Quarter-on-quarter, GDP declined 0.9%. This is slightly less than the initial reading of 0.8% and median prediction for 0.8%.

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