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.

📆 8/12/2022 12:22 PM
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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.

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