JAPAN’S ECONOMY CONTRACTS ON SHRINKING CONSUMPTION, EXPORTS
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15.11.2021
AP News (15 November 2021)
Yuri Kageyama
Japan’s economy shrank at a 3% annual rate in the July-September quarter, as private consumption and auto production took a hit from efforts to curb the coronavirus pandemic.
Japan’s gross domestic product, which measures the value of a nation’s products and services, declined 0.8% from the previous quarter, the Cabinet Office said Monday.
The annualized rate is how much the economy would have grown or contracted had the one-quarter rate continued for a year.
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