Japan's GDP tanslated into a quarterly drop of 0.8%

Reuters reported that Japan's economy contracted at an annualised rate of 3.0% in July-September from the previous quarter, government data showed on Monday, posting the first decline in two quarters as resurgent coronavirus infections hurt consumer spending.

''The gross domestic product (GDP) figure translated into a quarterly drop of 0.8%, worse than economists' median estimate of a 0.2% contraction, the Cabinet Office data showed.

Private consumption, which makes up more than half of the economy, fell 1.1%, versus a 0.5% decline expected by economists, the data showed.''

About Japan's GDP

The Gross Domestic Product released by the Cabinet Office shows the monetary value of all the goods, services and structures produced in Japan within a given period of time. GDP is a gross measure of market activity because it indicates the pace at which the Japanese economy is growing or decreasing. A high reading or a better than expected number is seen as positive for the JPY, while a low reading is negative