Japan's GDP revised down to 2.9% fall in July-Sept., inflation bites

Japan's economy shrank an annualized real 2.9 percent in July-September, sharper than the previously reported 2.1 percent, hurt by weaker-than-expected private consumption and slowing growth of exports, government data showed Friday.Real gross domestic product, adjusted for inflation, declined 0.7 percent from the previous quarter, against its earlier reading of a 0.5 percent contraction.The world's third-largest economy marked its first negative growth in four quarters. GDP is the total value of goods and services produced in a country.Private consumption, which makes up over half of GDP, …READ FULL ARTICLE