Japan's Q1 GDP Down Less Than Expected At 0.2 Pct Contraction

(MENAFN- Kuwait News Agency (KUNA)) TOKYO, June 9 (KUNA) -- Japan's economy shrank at an annualized pace of 0.2 percent during January to March, declining less than initially estimated, thanks to an upward revision to consumer spending, government data showed on Monday.
The world's third economy's gross domestic product (GDP) was revised upward from a preliminary figure of 0.7 percent contraction released last month, according to the Cabinet Office.
Still, it confirmed the first contraction of the GDP in four quarters following a revised 2.2 percent growth in the October-December quarter of 2023.
On a quarterly basis, GDP edged down 0.04 percent in the three months ended March 31 from the previous quarter, compared to an initial reading of 0.2 percent decline.
Personal consumption, which makes up more than half of Japan's GDP, was revised up 0.1 percent from 0.04 percent.
However, corporate capital spending, another major contributor to growth, grew 1.1 percent, smaller than a 1.4 percent expansion in the preliminary data.
According to Kyodo News Agency, economists said the revised GDP data underscored that Japan lacked a growth engine even before the full impact of US President Donald Trump's higher tariffs set in, while inflation hit household sentiment. (end)
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