Japan Q1 Real GDP Revised Downward... Annualized 2.9% Decline

Japan's first-quarter gross domestic product (GDP) was revised to show a 0.7% decrease quarter-on-quarter and a 2.9% decrease on an annualized basis.

On the 1st, the Japanese Cabinet Office re-announced that the real GDP decreased accordingly.

This is a downward revision compared to the figures announced last month (0.5% decrease quarter-on-quarter, 1.8% decrease annualized).

[Image source=AP Yonhap News]

Public investment turned from a 3% increase to a 1.9% decrease, and private housing was adjusted from a 2.5% decrease to a 2.9% decrease. According to Nihon Keizai Shimbun (Nikkei), this is due to the Ministry of Land, Infrastructure, Transport and Tourism retroactively revising the comprehensive construction statistics, one of the GDP base statistics, which reduced the performance of public works. Facility investment maintained a 0.4% decrease quarter-on-quarter.

Japan's real GDP for the fourth quarter of last year was unchanged quarter-on-quarter and was revised to show a 0.1% increase annualized. Nikkei stated that there is no change in the fact that the first-quarter GDP this year returned to negative growth for the first time in two quarters.