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Japan’s economy unexpectedly shrinks as consumptions slows

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Asia’s second-largest economy shrinks 0.3 percent after three straight quarters of growth.

Japan’s economy has unexpectedly shrunk in the third quarter as private consumption slumped and import costs rose.

Asia’s second-largest economy contracted 0.3 percent during July-September, official data showed on Tuesday, after three consecutive quarters of growth.

The worse-than-expected performance translates into an annualised contraction of 1.2 percent.

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Private consumption, which accounts for more than half of Japan’s $5 trillion economy, rose 0.3 percent, well below the previous quarter’s 1.2 percent gain.

While corporate investment rose, private residential investment fell, Japan’s Cabinet office said. Meanwhile, a surge in import costs offset a 1.9 percent gain in exports, according to the official data.

In addition to a slowing global economy and headwinds, including the war in Ukraine, Japan has been grappling with a declining yen, which has exacerbated rising cost-of-living pressures for households and businesses.

The Japanese currency plunged to a 32-year low in October, hitting 151 yen to the US dollar, although it has since recovered some of its losses.

Japanese Prime Minister Fumio Kishida last month unveiled a $260bn stimulus package aimed at propping up the economy.

“We want to protect people’s livelihoods, employment and businesses, while strengthening our economy for the future,” Kishida told reporters at the time.

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China Economic Activity Rebounds With Reopening From Covid Zero, CNY Holiday – Bloomberg

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China Economic Activity Rebounds With Reopening From Covid Zero, CNY Holiday  Bloomberg

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Canada's economy slowed down in November, but still eked out growth – CBC.ca

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Business

The Canadian economy grew by 0.1 per cent in November as higher interest rates began to slow spending toward the end of the year.

Service sector expanded even as goods producing industries contracted

Canada’s gross domestic product expanded by 0.1 per cent in November, Statistics Canada reported Tuesday. (Ben Nelms/CBC)

The Canadian economy grew by 0.1 per cent in November as higher interest rates began to slow spending toward the end of the year.

Statistics Canada’s preliminary estimate for December indicates the economy stayed flat, suggesting the economy grew at an annualized rate of 1.6 per cent in the fourth quarter.

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The economy grew at an annualized rate of 2.9 per cent in the third quarter.

In November, growth in real domestic product was driven by the public sector, transportation and warehousing and finance and insurance.

Meanwhile, construction, retail and accommodation and food services contracted.

Statistics Canada says economic growth for 2022 was an estimated 3.8 per cent.

ABOUT THE AUTHOR

Nojoud Al Mallees covers economics for The Canadian Press. She’s based in Ottawa.

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IMF Raises World Economic Outlook for the First Time in a Year – Bloomberg

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IMF Raises World Economic Outlook for the First Time in a Year  Bloomberg

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