Japan’s economy contracted by a revised 7.9 % in the April-June period compared with the preceding quarter, producing an annualized rate of decline of 28.1%, the Cabinet Office said Tuesday.
A preliminary estimate of a 7.8% contraction had suggested an annualized pace of decline of 27.8%. The revision announced Tuesday factored in new data about business investment.
Companies across all industries reduced capital investment in the second quarter, as they were uncertain about when the economy would return to normal after the coronavirus pandemic.
Economists expected a decline of 8.0%, or an annualized fall of 28.4%, according to a survey by Nikkei affiliate QUICK.