Japan’s Q1 GDP revised up to 0.5 per cent annualised contraction

Japanese 10,000 yen banknotes. Photo: Kyodo. Sketched by the Pan Pacific Agency.

TOKYO, Jun 8, 2022, 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, Reuters reported.

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.