Japan's Q1 economy revised to 1.8 pct contraction-Xinhua

Japan's Q1 economy revised to 1.8 pct contraction

Source: Xinhua| 2024-06-10 12:12:00|Editor: huaxia

TOKYO, June 10 (Xinhua) -- Japan's economy shrank an annualized real 1.8 percent in the January-March quarter, revised up from the preliminary reading of a 2.0 percent decline, government data showed on Monday.

The Cabinet Office said gross domestic product (GDP), the total value of goods and services produced in a country, contracted less in the first three months of this year than initially reported, as corporate capital spending fell less than initially reported.

The negative growth was the first contraction in two quarters due to sluggish domestic demand and the effects of a safety data-rigging scandal at a Toyota Motor Corp. group firm that dented production and exports, according to the office.

Adjusted for inflation, Japan's GDP fell 0.5 percent from the previous quarter, unchanged from the previous reading when rounded, it added.

Capital investment, which fell 0.8 percent in the preliminary report, was revised up to a 0.4 percent drop, down for the second straight quarter, while private consumption, which accounts for more than half of GDP, was unchanged at minus 0.7 percent.

Nominal GDP was revised down to a 0.03 percent increase from the 0.1 percent in the preliminary report, according to the data.