Japan’s growth slowed in the third quarter after warnings of a major earthquake hit activity, official data showed Friday, as Prime Minister Shigeru Ishiba seeks to jumpstart the world’s fourth-largest economy.
A “megaquake” alert in August and one of the fiercest typhoons in decades resulted in gross domestic product (GDP) expanding just 0.2 percent between July and September from the previous quarter, according to preliminary government data.
The data met market expectations, but marked a slowdown from a revised 0.5 percent in the previous three months.
On an annualised basis, GDP grew 0.9 percent, much slower than the revised 2.2 percent growth in April-June.
The government is expecting a “gradual recovery” of the economy — beset for decades by stagnation and harmful deflation — chief cabinet secretary Yoshimasa Hayashi said on Friday.
“Our country is at an important crossroads as it’s about to transition into a growth-based economy driven by …