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Japan’s economy contracted faster than expected in the third quarter of 2021 as global supply disruptions and new COVID-19 cases impacted business and consumer spending, posing challenges to the new government’s plans in Tokyo for growth.
Preliminary GDP data showed Japan’s economy contracted at an annual rate of 3% during the July-September period, after a revised 1.5% increase in the first quarter compared to the average market expectation of a 0.8% contraction.
Gross domestic product (GDP) declined 0.8% on a quarterly basis, compared to market expectations for a 0.2% decline.
Prime Minister Fumio Kishida plans to announce a large-scale economic stimulus package of “tens of trillions of yen”, but some economists have expressed doubts about its impact on growth in the near term.
