Special Report: Global Financial Crisis
TOKYO, Nov. 17 (Xinhua) -- Japan's economy shrank for a second consecutive
quarter in the July-September period as the global financial crisis took a heavy
toll on the world's second largest economy.
Japan's gross domestic product (GDP), or the total value of the nation's
goods and services, dropped an annualized 0.4 percent in real terms, compared
with an annualized 2.1 percent decrease in nominal terms, the Cabinet Office
said in a preliminary report.
Consumer spending, which accounts for about 55 percent of Japan's GDP, saw
a 0.3 percent rise in real terms from the previous quarter, while Corporate
capital spending, a main driver of Japan's six-year economic recovery since
2002, slipped 1.7 percent, said the report.
The GDP deflator, a key inflation gauge, declined 1.6 percent from a year