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Japan first quarter GDP unchanged at 2.2% annualised contraction after second revision

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 (GDP) 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. For background, please see this POLL For the full tables on the Cabinet Office’s website: here

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