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Economy

Japan's July-Sept GDP downgraded to 2.5% annualized contraction

String of natural disasters pounded economy, putting it at risk of recession

Kansai International Airport in Osaka is flooded after the devastating Typhoon Jebi in September. Jebi was one of three major typhoons that struck the country in 2018.    © Kyodo

TOKYO (Kyodo) -- Japan's economy shrank at an annual rate of 2.5 percent in the July-September quarter, downgraded to the sharpest contraction in more than four years as a string of natural disasters weighed on capital expenditure, government data showed Monday.

The Cabinet Office had initially reported that real gross domestic product, the total value of goods and services produced in the country adjusted for inflation, shrank 1.2 percent in the third quarter of 2018.

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