Japan’s Q1 GDP revised up to 0.5% annualised contraction
2022.06.08 03:25
FILE PHOTO: People wearing protective masks are reflected in the mirror at a shopping mall in Tokyo amid the coronavirus disease (COVID-19) outbreak in Tokyo, Japan, August 19, 2021. REUTERS/Athit Perawongmetha
TOKYO (Reuters) – Japan’s economy shrank an annualised 0.5% in the first quarter, slightly better than the initial estimate of a 1.0% contraction, revised government data showed on Wednesday, as consumption remained resilient in the face of resurgent COVID-19 infections.
The revised figure for gross domestic product (GDP) released by the Cabinet Office compared with economists’ median forecast for a 1.0% contraction in a Reuters poll.
On a quarter-on-quarter basis GDP fell 0.1%, compared with the initial minus 0.2% reading and a median forecast for a 0.3% drop.
