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Japan’s economy shrank less in July-Sept, revised data show

KEYT

TOKYO (AP) — Japan has reported its economy contracted less than previously thought in the last quarter, weathering the country’s latest big COVID wave with less damage than had been thought.  The report Thursday showed the world’s third-largest economy shrank at a 0.8% annual rate in July-September. That was better than minus 1.2% annual growth reported earlier. Pandemic precautions eased in the late summer, allowing normal business activity and travel to resume. Exports also were stronger than earlier thought, expanding 2.1% in annual terms, up from the earlier estimate of 1.9%. Growth in the last fiscal year, which ended in March, was revised upward to an annual 2.5% pace from 2.3%.

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