Japan: Q1 GDP contracted by 0.6% - Danske Bank

In Japan, data released overnight shows that the economy shrank for the first time in two years, with GDP contracting 0.6% q/q (annualised) in Q1, notes the research team at Danske Bank.

Key Quotes

“The decline was much steeper than expected and GDP growth in Q4 was revised down from 1.6% q/q (annualised) to 0.6% q/q. The main explanation behind the weak GDP figure in Q1 was an unexpected decline in business spending and flat private consumption.”