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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Japan's recession worse than thought: official data AFP - 17 minutes ago TOKYO (AFP) - - Japan's economy shrank 0.5 percent in the third quarter of this year, sinking much deeper into recession than previously thought, official figures showed Tuesday. Asia's largest economy contracted 1.8 percent on an annualised basis in the three months to September, when Japan entered its first recession in seven years with a second straight quarter of negative growth, the government said. An initial estimate last month had shown the Japanese economy shrank 0.1 percent in the third quarter, and 0.4 percent on an annualised basis. Weak business investment was the main culprit for the revision as companies slashed investment in new equipment and factories by 2.0 percent, compared with an initial estimate of 1.7 percent. Japan's export-dependent economy was also hit by sluggish exports as the global financial crisis hit international trade. The latest snapshot of the Japanese economy was even more gloomier than analyst forecasts for a contraction of about 0.2 percent quarter-on-quarter. The government said the economy shrank a revised 1.0 percent in the second quarter, which was also slightly worse than previously thought. Japan has relied on brisk exports of cars, electronics and other goods to drive its recovery from recession in the 1990s. But it has seen exports weaken in recent months due to worsening demand in recession-hit overseas economies. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Japan's recession worse than thought: official dataAFP - 17 minutes ago CBH says consdering Perilya-China share dealReuters - 29 minutes ago China's Chery has no plan to buy U.S. auto assets-paperReuters - 42 minutes ago NZ govt to cut taxes, spend more to beat recessionReuters - 1 hour 12 minutes ago Related Articles: Business Japan's recession worse than thought: official dataAFP - 17 minutes ago Morgan Stanley, Merrill chiefs give up bonusesAP - 26 minutes ago CBH says consdering Perilya-China share dealReuters - 29 minutes ago H&R Block reports smaller 2Q lossAP - 30 minutes ago Japan mulling $216 bln economic package - YomiuriReuters - 31 minutes ago Enlarge Photo Japan's recession worse than thought: official data Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Financial crisis tipped to cut cost of air travel Climate change: Sci-fi solutions no longer in the margins Oil price falls below $40 Stocks take flight on prospects for anti-recession moves Vinnie Jones gets into bar fight over role in X-Men View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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