Japan economy shrinks more than previously thought in Q3

A pedestrian is reflected in an electronic stock board outside a securities firm in Tokyo. (Bloomberg pic)

TOKYO: Japan’s economy shrank twice as much as initially thought in the three months to September, official data showed Monday.

Gross domestic product for the July-September period contracted 0.6% from the previous quarter, Cabinet Office data showed, revising down the figure from the preliminary estimate of a 0.3% contraction.

The reading comes after growth of 0.7% in the April-June period.

The main driver of the decline appeared to be private investment, which shrank 2.8% quarter-on-quarter, compared with an initial estimate of a 0.2% contraction, the data showed.