Japan's economy shrank less in September qtr

Tokyo: Japan's economy contracted less than previously thought in the last quarter, weathering the country's latest big COVID wave with less damage than had been thought.

The Cabinet Office reported Thursday that the economy shrank at a 0.8 per cent annual rate in July-September. That was better than minus 1.2 per cent annual growth reported earlier.

In quarterly terms, the world's third-largest economy contracted 0.2 per cent instead of 0.3 per cent. Pandemic precautions eased in the late summer, allowing normal business activity and travel to resume after many months of on-again, off-again limits. Exports also were stronger than earlier thought, expanding 2.1 per cent in annual terms, up from the earlier estimate of 1.9 per cent.

Growth in the last fiscal year, which ended in March, also was revised upward to an annual 2.5 per cent pace from 2.3 per cent. The new data also showed corporate investment rose more than reported earlier.