Japan's GDP shrinks 1.8 pct in July-Sept
9/12/2008 16:36
The Japanese economy shrank a real 1.8 percent on annual rate in the
July-September quarter, the government's Cabinet Office said today.
The
latest data confirmed Japan's gross domestic product contracted for the second
straight quarter, indicating the nation' s economy has entered the first
recession in seven years. A recession is usually defined as two consecutive
quarters of negative growth.
The reading was revised downward from an
initially reported 0. 4 percent contraction, marking the country's economy is
worse than predicted.
Japan's Economic and Fiscal Policy Minister Kaoru
Yosano said the July-September results show Japan's exports were hurt by the
global financial crisis, which reduced demand in Japan's key export
destinations.
He told a press conference that Japan should take more measures
to bolster the economy, which include investment in public projects and social
security sector.
On a nominal basis, or without adjustment for price changes,
Japan's economy contracted 0.7 percent from the previous three months, or an
annualized 2.7 percent, in the July-September period, against the 0.5 percent
and 2.1 percent decline marked in the preliminary report released on Nov.
17.
Last week, Japan raised its estimate of fiscal 2007 economic growth to
1.9 percent from 1.7 percent, citing a rise in capital investment which is
stronger than expected.
GDP is the total value of goods and services produced
domestically. Real GDP figures are adjusted for price and seasonal
variations.
Xinhua
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