Editorial image of the flag of Japan against a graph of economic trend and images related to the stock market, finance and digital technology.
Manasanant Bamai | iStock | Getty Images
The Japanese economy unexpectedly contracted again in the October-December period, Temporary government data Data showed on Thursday, as rising inflation reduced domestic demand and private consumption in the world's third-largest economy.
Provisional GDP contracted by 0.4% in the fourth quarter compared to a year ago, after shrinking by 2.9% in the July-September period. This was well below the average estimate for 1.4% growth in a Reuters poll among economists. The GDP deflator in the fourth quarter was 3.8% on an annual basis.
The third largest economy in the world also contracted by 0.1% in the fourth quarter compared to the previous quarter, after contracting by 0.4% in the third quarter compared to the second quarter. This was also weaker than expectations for a 0.3% expansion.
Private consumption fell 0.2% in the fourth quarter compared to the previous quarter, in contrast to the average estimate for a 0.1% expansion.
This is a developing story. Please check back for more updates.
“Devoted student. Bacon advocate. Beer scholar. Troublemaker. Falls down a lot. Typical coffee enthusiast.”