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Financial News: Japan GDP Contracts 0.9% On Quarter In Q1

Japan GDP Contracts 0.9% On Quarter In Q1

05/17/2020 - 20:10:00 (RTTNews)

(RTTNews) - Japan's gross domestic product shrank a seasonally adjusted 0.9 percent on quarter in the first quarter of 2020, the Cabinet Office said in Monday's preliminary report.

That exceeded expectations for a 1.2 percent drop following the 1.8 percent decline in the previous three months.

On an annualized basis, GDP was down 3.4 percent - but that again beat forecasts for a fall of 4.6 percent following the downwardly revised 7.3 percent contraction in the three months prior (originally -7.1 percent).

Capital expenditure was down 0.5 percent on quarter, beating forecasts for a fall of 1.5 percent following the 4.6 percent decline in Q4.

External demand eased 0.2 percent on quarter versus forecasts for a flat reading after rising 0.5 percent in the previous three months.

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