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Japan annualized GDP down 3% in Q3 on weak domestic demand

COVID curbs and chip shortage slam brakes but forecasters see Q4 pickup

Tokyo in July: Japan's economy struggled in the July-September quarter as authorities sought to contain COVID-19.   © Reuters

TOKYO -- Japan's economy shrank 0.8% in the July-September period from the previous quarter, equal to an annualized pace of 3.0%, the Cabinet Office announced on Monday.

The economy struggled as exports fell and consumer spending remained sluggish amid the COVID-19 pandemic. The result compares with an average forecast of an annualized 0.56% decline, in a survey of 37 economists by the Japan Center for Economic Research.

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