Japan's Q3 GDP shrinks 2.1 pct, 1st contraction in three qrts

TOKYO, Nov 15 -- Japan's economy shrank at an annualized pace of 2.1 percent in the July-September period, chiefly due to weak consumers and businesses spending, government data showed Wednesday.

The first contraction of the gross domestic product (GDP) in three quarters followed a revised 4.8 percent rise in the April-June period, according to preliminary data released by the Cabinet Office.
On a quarterly basis, the world's third-biggest economy declined 0.5 percent in the three months ended September 30 from the April-June period.
Personal consumption, which makes up more than half of Japan's GDP, fell 0.04 percent from the previous quarter as continued price hikes weighed on consumer demand.
Corporate capital spending, another key pillar of domestic demand, also declined 0.6 percent. Exports increased 0.5 percent from the previous three months thanks to robust automobile shipments, while imports gained 1.0 percent as royalty payments overseas increased. GDP is the total value of goods and services produced domestically. (end) mk.gta.