Bloomberg
Published Jun 07, 2021 08:04PM ET
Updated Jun 07, 2021 08:18PM ET
Japan’s GDP Shrinks Less Than First Reported Amid Emergency
(Bloomberg) -- Japan’s economy shrank last quarter less than first reported, according to figures that come as yet another round of restrictions to contain the coronavirus threatens to prolong the slump.
Gross domestic product contracted an annualized 3.9% from the final quarter of 2020, the Cabinet Office reported Tuesday. The result was better than the government’s earlier estimate of a 5.1% contraction. Economists had forecast a 5% drop.
A separate report showed wages gained in April from a year earlier at the fastest pace since late 2018 on climbing overtime pay.
Key Insights
What Bloomberg Economics Says...
“Japan is likely headed for another recession, with GDP on track to contract in the second quarter due to pressures from virus-related restrictions on activity. Revised GDP data for 1Q may show the early part of the downturn was a little less steep than the preliminary reading showed.”
--Yuki Masujima, economist
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(Adds details of growth report.)
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Written By: Bloomberg
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