Japan upgrades Q3 GDP as global recession, COVID risks linger

TOKYO : Japan's economy shrank less than initially estimated in the third quarter, bolstering the view that the world's number-three economy is slowly recovering from COVID-19 doldrums even as its major export markets show further signs of weakening.

The economy may rebound in the current quarter due to easing of supply restrictions on microchips and cars, and lifting of COVID-19 border controls, boosting tourism, some analysts say. Before annualising, third-quarter GDP was down 0.2 per cent on the previous quarter, compared with the initial contraction estimate of 0.3 per cent. Analysts had expected a similar decline to the earlier reading.

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