You are here
Japan Q1 GDP contracts annualised 0.6%: government
[TOKYO] Japan's economy shrank at an annualised rate of 0.6 per cent in January-March, contracting for the first time in nine quarters, as private consumption and capital expenditure slowed, government data showed on Wednesday.
That marked the end of the longest sequence of growth since a 12-quarter run between April-June 1986 and January-March 1989 during the asset-inflated bubble economy.
The preliminary reading for first-quarter gross domestic product compared with a median estimate of a 0.2 per cent annualised contraction in a Reuters poll of economists.
It followed a downwardly revised 0.6 per cent annualised rate of expansion in the fourth quarter, the Cabinet Office data showed.
On a quarter-on-quarter basis, GDP shrank 0.2 per cent, versus the median estimate for a GDP to remain unchanged.