TOKYO: Japan’s economy contracted at an annualized rate of 2.9 percent in the third quarter of the year after inflation and seasonal adjustment, its first shrinkage in four quarters, the Cabinet Office said in a revised report Friday.

The gross domestic product reading was weaker than the 2.1 percent decline reported by the government agency last month.

Personal consumption dropped 0.2 percent in the July-September period from the prior quarter, compared with a 0.04 pct decline in the preliminary report, as spending on food and clothing was worse than previously estimated.

Corporate capital spending fell 0.4 percent, better than the 0.6 percent drop reported last month.

Exports rose 0.4 percent and imports gained 0.8 percent. The preliminary report showed a 0.5 percent rise in exports and a 1.0 percent increase in imports. The revisions reflected a change in seasonal adjustments.

The negative contribution of private-sector inventory changes to the quarter-to-quarter GDP change was revised from 0.3 percentage point to 0.5 point.

JIJI Press