New figures from Japan's government show the country's GDP shrank less than initially reported in the third quarter of this year.

The Cabinet Office released revised data on Thursday. It indicates the economy contracted at an annualized rate of 0.8 percent in the July-to-September period compared to the previous quarter. The preliminary reading released last month showed a 1.2 percent decrease. This is the first decline in GDP in 2 quarters.

The new data shows exports expanded 2.1 percent. That's up from the preliminary figure of 1.9 percent. Government spending was also slightly better than expected.

But consumer spending was revised downward to a 0.1 percent rise. The original figure was a 0.3 percent increase. This category accounts for more than half of GDP. The decline is attributed to sluggish demand for food and services due to a renewed spread of the coronavirus.

Inflation and slowdowns in overseas economies remain concerns for the October-to-December period. But some analysts say the resumption of inbound tourism and campaigns to promote domestic travel will boost consumption and help the economy return to growth.