Japan: Slower destocking sees Q1 GDP growth revised up
June 9, 2011
The economy contracted less than initially reported in the first quarter. According to the second preliminary estimate released by the Cabinet Office on 9 June, GDP dropped 3.5% at a seasonally adjusted annualised rate over the previous quarter, which was slightly better than the 3.7% contraction estimated earlier but short of market expectations of a 3.0% decline. An upward revision to inventories and slower import growth were the main factors behind the upward revision of the preliminary figures, while private-investment dropped an annualised 4.9%, after initially estimates saw it declining 3.5%. On a quarter-on-quarter basis, GDP contracted a seasonally adjusted 0.9%.