Japan’s Economy Shrank 3.6% Yoy in Q3

The Japanese economy contracted in the third quarter of 2021 by 3.6% on an annual basis and 0.9% on a quarterly basis, due to a decline in per capita consumption, which constitutes one of the basics of the equation for calculating the GDP of countries.

This per capita consumption decreased by 1.3%, down from a decline of 1.1%, due to the decrease in spending on durable goods and services with the developments of the Corona pandemic.

It is reported that per capita consumption constitutes about half of Japan’s GDP.