- Q3 GDP annualised -3.0% vs f’cast -0.8%
- Declines in exports, capex, consumption hurt economy in Q3
- Economic outlook in Q4 likely brighter but growth seen slow
- Sluggish consumption, risks to global economy cloud outlook
TOKYO, Nov 15 (Reuters) – Japan’s economy contracted much faster than expected in the third quarter as global supply disruptions hit exports and business spending plans and fresh COVID-19 cases soured the consumer mood.
While many analysts expect the world’s third-largest economy to rebound in the current quarter as virus curbs ease, worsening global production bottlenecks pose increasing risks to export-reliant Japan.
Also read: BOJ’s Kuroda projects inflation approaching 1% mid-next year