Japan’s gross domestic product narrowed by an annual rate of 3.6 percent in this year’s third quarter, lower than the government’s preliminary estimate of 3 percent.
Weak consumer spending was mainly responsible for the decline in activity, as well as exporters suffering from supply chain disruptions, according to Bloomberg.
Economic activity in France is set to rise again in December, even as the country grapples with another wave of Covid-19, the Bank of France said. It also added that economic activity surpassed pre-pandemic levels in November.
This is according to the central bank’s survey of 8,500 companies.
Economic activity was 0.5 percent above pre-crisis levels in November. It is also set to surpass this level by 0.75 percent this month. Consequently, production will grow by around 0.75 percent in the fourth quarter, Bloomberg reported.
China trimmed its relending facilities by 0.25 percent to boost activity in the rural sector. Small firms were particularly hit by higher production costs and this step aims to support them.
The three-month relending rate is now 1.7 percent. The six-month rate is 1.9 percent while the one-year rate is 2 percent.
India’s monetary policy
The Reserve Bank of India decided to keep its policy repo rate unchanged, at 4 percent, during its meeting on Wednesday.
The new decision is in line with the bank’s target of a 4 percent inflation rate while boosting economic expansion.
It added that consumer prices are set to rise by 5.3 percent for the 2021-22 fiscal year.