The world’s third-largest economy saw a sharp contraction in the third quarter The Japanese economy contracted by almost 3% in the third quarter of 2023, suffering its first decline in a year as inflation weighed on household consumption and corporate investment slowed, revised data showed on Friday. GDP in the world’s third-largest economy shrank by an annualized 2.9% between July and September, worse than a previously estimated 2.1% contraction and market forecasts for a 2% decline, according to data from the Cabinet Office. “Weakness in personal consumption is likely to continue for the foreseeable future,
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