Japan’s first quarter GDP revised up to 0.5% annualised contraction

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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

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, according to Reuters.

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.

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.

For the full tables on the Cabinet Office’s website: https://www.esri.cao.go.jp/en/sna/sokuhou/sokuhou_top.html

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