Japan's second-quarter GDP revised down to annualised 28.1% contraction
FILE PHOTO: A woman walks past at a shopping district, amid the coronavirus disease pandemic in Tokyo, Japan August 17, 2020. REUTERS/Kim Kyung-Hoon/File Photo
Other data put that challenge in perspective, with household spending and wages falling in July as the broadening impact of the COVID-19 pandemic kept consumption frail even after lock-down measures were lifted in May. The world’s third-largest economy shrank an annualised 28.1% in April-June, more than a preliminary reading of a 27.8% contraction, revised gross domestic product data showed on Tuesday, suffering its worst postwar contraction.The main culprit behind the revision was a 4.7% drop in capital expenditure, a much bigger fall than a preliminary 1.5% fall, a sign the COVID-19 pandemic was hitting broader sectors of the economy.
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