Japan's recession deeper than expected

Tokyo

JAPAN's economic recession proved to be worse than expected in the third quarter of this year, according to data released on Monday showing that gross domestic product (GDP) contracted at a real annual rate of 1.9 per cent during the period, rather than the 1.6 per cent announced earlier.

Ministry of Finance data published at the beginning of December suggested that capital spending during the third quarter rose faster than expected, which led analysts to believe that third quarter GDP also would be upgraded from initial estimates, but investment in fact fell faster than reported.