Japan's economy grew at a 2.2% annual rate in Oct-Dec, as consumers held back on spending

Japan Economy - (Copyright 2021 The Associated Press. All rights reserved.)

Japan’s has cut its estimate for its economic growth in the last quarter of the year to a 2.2% annual pace from 2.8% as consumer spending hit demand.

The Cabinet Office said Tuesday that Japan’s real gross domestic product, which measures the sum value of a nation’s goods and services, also was lower due to higher private inventories than earlier reported.