TOKYO, Dec. 9 (Xinhua) — Japan revised on Wednesday its estimated real GDP growth in the July to September quarter to 1.3 percent year on year, down sharply from 4.8 percent as initially reported.

The figures released by the cabinet office also showed that the domestic demand deflator, a key measure of deflation, fell by 2.8 percent in the last quarter, and not the 2.6 percent previously reported. The statistic makes the biggest drop in prices in more than half a decade in Japan.

A major factor behind the downward revision was investment by companies, which has fallen as firms attempt to stay afloat amid dour economic circumstances. Wednesday’s revised figures showed that private investment fell by 2.8 percent. The previous figures said it had grown by 1.6 percent.

The figures meant that in the last quarter, Japan’s economy grew by 0.3 percent from the previous quarter, and not the 1.2 percent previously reported.

Economic sentiment in Japan has dropped in recent weeks, with the Economy Watchers survey, which monitors the sentiment of people in jobs that give them contact with a lot of people, posting a 7 point drop in November, the biggest in the history of the survey.

On Tuesday, the government unveiled a 7.2 trillion yen (80.60 billion U.S. dollars) stimulus package to try to prevent the economy from worsening.

GDP is the total value of goods and services produced domestically.