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Japan: Recession in the first quarter lower than expected

The Japanese economy contracted at a slightly slower pace than initially expected in the first quarter, although household and business spending remained sluggish.

The third largest economy, behind the US and China, shrank 0.5% year-on-year, reflecting what would happen if growth continued throughout the year, according to revised figures.

Preliminary estimates indicate that the economy shrank 1% year-on-year in May, down 0.1% from the previous quarter.

The revised data showed that private consumption increased by 0.1% compared to the previous quarter, compared to the zero change expected by the preliminary data.

Capital expenditures decreased by 0.7% compared to the initial estimates for an increase of 0.5%.

Source: Capital

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