Japan's economy, the world's third-largest, shrank less than initially estimated in the third quarter, bolstering a view that it is slowly recovering from COVID-19 doldrums even as major export markets show further signs of weakening.
Separate data showed the economy had recorded its first current account deficit in eight years in October, reflecting high import costs imposed on households and businesses by a decline in the yen's value to multi-decade lows this year.
"Resumption of inbound tourism and campaigns to promote domestic travel will boost private consumption, helping the economy return to growth in the October-December quarter," said Takeshi Minami, chief economist at Norinchukin Research Institute. Among key sectors, private consumption, which makes up more than half of Japan's GDP, helped drive growth, though it was revised down. Capital expenditure and exports were the other main contributors to growth.
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