Stable GDP at 2.2% annualized diminution for Japan 1st quarter

After a second revision, data from the Cabinet Office showed on Monday, Japan’s economy diminish an annualized 2.2% in January-March i.e unchanged.

In a Reuters poll, The additional revision for gross domestic product (GDP) compared with economists’ median forecast for a 2.8% contraction.

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On a quarter-on-quarter basis GDP shrank 0.6%, also unchanged from the second preliminary reading and compared with a median forecast for a 0.7% fall.

Spending data from the finance ministry, The government published additional revisions to GDP for the January-March quarter reflecting revised capital, which had initially drawn fewer respondents than usual due to COVID19-related disruptions.

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