Japan’s economy into deeper technical recession
Tokyo, Dec 8: Japan has fallen into deeper technical recession as the third largest economy shrank more than initially forecast in the third quarter of 2014.
According to revised gross domestic product (GDP) figures, the economy shrank 0.5% on a quarterly basis, compared to an initial estimate of 0.4%, data showed on Monday.It had contracted by 1.9% in annual terms from July to September, well above a preliminary reading of 1.6%, and had unexpectedly fallen into a technical recession.
A big fall in business spending plunged the economy into a deeper recession.The revised figures, which come just days before Japan‘s national elections, showed that business spending dipped by 0.4% from the previous quarter, instead of the 0.2% forecasted in the preliminary reading.It had contracted 7.3% in the second quarter, which was the biggest fall since the March 2011 earthquake and tsunami.
The Oslo Times