Third Quarter GDP of Japan Revised Down to 3.6% Annual Contraction

Japan’s GDP shrank 3.6% in the third quarter, worse than the initial estimate of a 3.0% contraction, revised government data showed on Wednesday, posting as private spending took a hit from a resurgence in COVID-19.

The Japanese Cabinet Office released the data on Monday and median forecast was 3.1% contraction in a Reuters poll.

On a quarter-on-quarter basis GDP fell 0.9%, slightly worse than the initial reading and median forecast for a 0.8% drop.