Japan in recession after 2Q growth revised down

A+
A
A-

An international freighter (R) approaches a container terminal at the Tokyo port on December 10, 2012. Japan confirmed that the world’s third-largest economy shrank in the three months to September, stoking fears the country is slipping into a recession. Financial turmoil in Europe, a strong yen that has dented exports and a painful diplomatic row with major trade partner China have dented Japan’s economy. AFP / YOSHIKAZU TSUNO

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.

Inquirer Viber

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.

Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:

c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94

editors' picks

advertisement

popular

advertisement

videos