This Article is From Dec 11, 2012

Japan in recession after Q2 growth revised down

Japan in recession after Q2 growth revised down

Japan's economy is technically in recession after authorities said revised figures for the April-June quarter showed the economy shrank for two straight quarters.

The Cabinet Office said Monday that gross domestic product for the July-September quarter shrank 0.9 per cent from the previous quarter, unchanged from the preliminary release.

Going back to the April-June quarter, however, GDP was revised to a 0.03 per cent decline from the previous quarter, or a 0.1 per cent contraction at an annualized pace.

Previously, the Cabinet had said second quarter GDP grew 0.1 per cent from the previous quarter.

A widely accepted definition of a recession is two consecutive quarters of economic contraction.

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