Japan’s economy contracted at an annual rate of 1.8 percent in the third quarter of the current year, as tariffs imposed by U.S. President Donald Trump led to a decline in the country’s exports.
Japan’s gross domestic product (GDP), or the total value of goods and services in the country, fell by 0.4 percent on a quarterly basis. Exports decreased by 4.5 percent in the three months ending in September. Imports declined by 0.1 percent in the third quarter. Private consumption rose by 0.1 percent.
The annualized figure reflects what the economy would achieve if the same pace continued for an entire year. The decline, however, was smaller than the 0.6 percent drop that markets had expected.
