TOKYO (Reuters) – 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.
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.
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.
(Reporting by Daniel Leussink; Editing by Chang-Ran Kim)
