Japan's economy shrank an annualised 2.2% in January-March, unchanged after a second revision, data from the Cabinet Office showed on Monday.
FILE PHOTO: A man wearing a protective face mask, following the coronavirus disease outbreak, walks on a pedestrian overpass at a business district in Tokyo, Japan, May 18, 2020. REUTERS/Kim Kyung-Hoon
TOKYO - Japan’s economy shrank an annualised 2.2% in January-March, unchanged after a second revision, data from the Cabinet Office showed on Monday. The additional revision for gross domestic product compared with economists’ median forecast for a 2.8% contraction in a Reuters poll. 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.
The government published additional revisions to GDP for the January-March quarter reflecting revised capital spending data from the finance ministry, which had initially drawn fewer respondents than usual due to coronavirus-related disruptions.Reporting by Kaori Kaneko; Editing by Chang-Ran Kim
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