Japan's October GDP shrinks 0.1% on weak consumption: JCER

Warmer-than-usual weather dampened spending on clothing

Commuters walk in central Tokyo in October. Unusually warm weather dragged down consumers' spending on clothing in the month, according to JCER. (Photo by Yutaka Miyaguchi)

Nikkei staff writers

December 11, 2024 17:32 JST

TOKYO -- Japan's economy contracted an annualized 0.1% in October from the previous month, reflecting declines in private consumption and goods exports, according to an estimate released by the Japan Center for Economic Research on Wednesday.

The think tank now projects Japan's gross domestic product to expand an annualized 0.4% in the October-December quarter from the previous three months.