Japan Economy Contracts More Than Expected In Q3

Japanese economy entered in to recession in the three months ended September, as the GDP contracted for the second straight quarter, preliminary figures from the Cabinet Office showed Monday. Gross domestic product fell an annualized 0.8 percent in the third quarter, following a revised 0.7 percent decrease in the previous three months. Economists had forecast a 0.2 percent drop for the September quarter. On a seasonally adjusted basis, GDP slid 0.2 percent quarter-on-quarter in the three-month period to September, the same rate of contraction as in the preceding quarter. The figure was also matched with consensus estimate. In the first quarter of this year, the economy expanded 1.1 percent. Nominal GDP remained flat in the third quarter, defying economists' expectations for 0.2 percent decline. In the second quarter, the economy grew 0.2 percent.

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