Japan's gross domestic product (GDP) slipped 0.7% in the third quarter of 2023 compared to the previous three-month period, the country's Cabinet Office revealed in its second estimate on Friday. The figure came in lower than the previous forecast, which saw the GDP growth at negative 0.5%.
Year over year, gross domestic product tumbled 2.9% in the July to September period. The GDP growth in the first estimate stood at negative 2.1%.
Quarter on quarter, domestic demand was down 0.6%, private demand declined 0.9%, and public demand was up 0.1%. Private consumption in the reported trimester was 0.2% lower on a quarterly basis. Exports of goods and services grew 0.4%, while imports saw a 0.8% rise.
