TOKYO—Japan’s economy grew considerably less in the third-quarter than originally thought.

Japan’s Cabinet Office said Wednesday that the country’s July-to-September real GDP grew just 0.3 percent from the previous quarter. Last month, the government estimated that it grew 1.2 percent over that period.

The revised figure reflects 1.3 percent growth on an annualized basis, compared to the first estimate of 4.8 percent annualized growth.

The downward revision, which is steeper than expected, comes amid concerns about the overall health of the world’s second-largest economy, unemployment, deflation and the strength of the yen against the dollar.

On Tuesday the Japanese government unveiled a 7.2 trillion yen, or $81.1 billion, economic stimulus package.

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