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

Reuters
·1-min read
FILE PHOTO: A man wearing a protective face mask, following the coronavirus disease (COVID-19) outbreak, walks in front of a stock quotation board outside a brokerage in Tokyo

TOKYO (Reuters) - 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.

(Reporting by Kaori Kaneko; Editing by Chang-Ran Kim)