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Financial News: Japan Q1 GDP Revised Down To -2.2% On

Japan Q1 GDP Revised Down To -2.2% On Year

06/07/2020 - 20:25:00 (RTTNews)

(RTTNews) - Japan's gross domestic product was revised down to 2.2 percent on year in the first quarter of 2020, the Cabinet Office said in Monday's final reading - placing the country firmly in recession.

Analysts had expected GDP to revised up to -2.1 percent following last month's preliminary reading that had suggested a yearly drop of 3.4 percent.

On a seasonally adjusted quarterly basis, GDP was revised to -0.6 percent - missing forecasts for -0.5 percent following the preliminary reading of 0.9 percent.

In the fourth quarter of 2019, GDP was down 1.9 percent on quarter and an upwardly revised 7.2 percent on year (originally -7.3 percent).

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