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Japan’s Q1 GDP revised up to 0.5% annualised contraction -Breaking


© Reuters. FILE PHOTO – People in protective masks look in the mirror in a Tokyo shopping center, Tokyo during the COVID-19 (coronavirus) epidemic in Tokyo. This was August 19, 2021. REUTERS/Athit Perawongmetha

TOKYO (Reuters – Japan’s economy shrank by 0.5% per year in the quarter to January, slightly higher than the original estimate of 1.0%. The revised government data was released on Wednesday. Consumption remained resilient in light of resurgent COVID-19 illnesses.

Cabinet Office released a revised gross domestic product (GDP), which was compared to economists’ median prediction for a 1.0% contraction, as derived from a Reuters poll.

A quarter-on–quarter GDP dropped 0.1%, as compared to the 0.2% initial reading. There was also a median estimate for 0.3% decline.