Japan’s GDP contracts 0.3% for Q3

GDP for the third quarter reversed from a 0.8% growth in the second quarter, the Cabinet Office said in a preliminary report on Wednesday.

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Japan’s economic growth for the third quarter fell 0.3% from the previous quarter in a seasonally adjusted basis, as a series of natural disasters affected consumer spending, company investments and exports.

Gross Domestic Product (GDP) for the third quarter reversed from a 0.8% growth in the second quarter, the Cabinet Office said in a preliminary report on Wednesday.

On a year-on-year comparison GDP fell 1.2% for the third quarter, in contrast with the 3% increase in the second quarter.

Compared to the previous month, exports of goods and services registered a decline of 1.8%, while imports also fell by 1.4%.

Japan was hit by a slew of natural disasters from July to September, such as an earthquake in the north which affected supply lines, flooding in the western parts of the country due to heavy rainfall, and a typhoon.

The momentary shutting down of Kansai International Airport due to the typhoon had affected business and cargo shipments.

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