Japan’s gross domestic product contracted an annualized 1.0 percent in the first quarter of 2022, the Cabinet Office said in Wednesday’s preliminary reading.
That exceeded expectations for a decline of 1.8 percent following the downwardly revised 3.8 percent increase in the previous three months (originally 5.4 percent).
On a seasonally adjusted quarterly basis, GDP slipped 0.2 percent – but that also beat forecasts for a fall of 0.4 percent following the downwardly revised 0.9 percent gain in the three months prior.
Capital expenditure rose 0.5 percent on quarter, missing forecasts for an increase of 0.7 percent but still up from 0.4 percent in the previous quarter. External demand was down 0.4 percent on quarter.
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