Japan in recession after 2Q growth revised down
TOKYO – Japan’s economy is technically in recession after authorities said revised figures for the April-June quarter showed the economy shrank for two straight quarters.
The Cabinet Office said Monday that gross domestic product for the July-September quarter shrank 0.9 percent from the previous quarter, unchanged from the preliminary release.
Going back to the April-June quarter, however, GDP was revised to a 0.03 percent decline from the previous quarter, or a 0.1 percent contraction at an annualized pace.
Previously, the Cabinet had said second quarter GDP grew 0.1 percent from the previous quarter.
A widely accepted definition of a recession is two consecutive quarters of economic contraction.