Japan GDP shrinks 3.0% in Jul.-Sep.

The Japanese government has released the country's latest GDP figures.

Officials say Japan's economy shrank at an annualized 3.0 percent in the July-to-September period from the previous quarter in real terms, marking the first drop in two quarters.

The Cabinet Office says the pandemic dented consumer spending, which accounts for more than half of the country's GDP.

Exports were also dampened by sagging vehicle production due to a global shortage of chips and auto parts.