Japan upgrades Q3 GDP as global recession, COVID risks linger - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

📆 12/8/2022 4:22 AM
📰 SABCNews

⏱ Reading Time:
20 sec. here
2 min. at publisher
📊 Quality Score:
News: 11%
Publisher: 51%

Business News News

Business Business Latest News,Business Business Headlines

Japan’s economy shrank less than initially estimated in the third quarter, bolstering the view that the world’s number-three economy is slowly recovering from COVID-19 doldrums even as its major export markets show further signs of weakening.

Japan's economy unexpectedly shrank in the third quarter as global recession risks, China's faltering economy, a weak yen and higher import costs hurt consumption and businesses.Japan's economy unexpectedly shrank in the third quarter as global recession risks, China's faltering economy, a weak yen and higher import costs hurt consumption and businesses.

The economy may rebound in the current quarter due to easing of supply restrictions on microchips and cars, and lifting of COVID-19 border controls, boosting tourism, some analysts say. Before annualising, third-quarter GDP was down 0.2% on the previous quarter, compared with the initial contraction estimate of 0.3%. Analysts had expected a similar decline to the earlier reading.

Write Comment

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Asian stocks mixed with focus on Fed, China Covid: markets wrapAsian stocks were mixed on Tuesday as investors weighed unexpectedly strong US services data and China’s accelerated moves toward exiting its Covid-Zero policy.
Source: dailymaverick - 🏆 3. / 84 Read more »