Japan's economy shrinks |
| Sky News Australia - Nov 12, 2012 |
Japan's economy contracted between July and September, reversing two previous quarters of growth and underscoring fears that its recovery has stalled.
Factory output in the world's third-largest economy has slowed and Japan recorded its worst September trade figures in more than 30 years as weakness in Europe, a strong yen and a territorial dispute with China hit exports.
The Cabinet Office said the economy of Japan, hammered by last year's quake-tsunami disaster, shrank 0.9 per cent in the September quarter from the previous three months, a result largely in line with market expectations.
On an annualised basis - which shows how the quarterly data would look if it were maintained for a full year - the economy contracted 3.5 per cent, it said, as exports slipped and demand among Japanese consumers also slowed.
While the annualised figure beat market expectations, it was the sharpest rate of contraction since the twin disasters in March last year paralysed growth.
Read Full Article from Sky News Australia
- Posted: 2012-11-12 14:45:05
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