Japan Q1 GDP (preliminary) -1.3% q/q (SA) (vs. -1.1% expected)

  
Analysis, Economy

January – March economic growth data from Japan – a series of misses for the headline figures, consumption not as bad as expected though

  • GDP sa -1.3% q/q expected -1.1%, prior +2.8%
  • GDP annualised sa -5.1% q/q expected -4.5%, prior +11.7%
  • GDP nominal -1.6% q/q expected -1.3%, prior +2.3%
  • GDP deflator (an inflation indication) -0.2% y/y expected -0.1%, prior +0.3%
  • Private consumption -1.4% q/q expected -1.9% q/q, prior +2.2%
  • Business spending -1.4% q/q expected +0.8%, prior +4.3%

Some comments from the report:

  • consumption fell mainly due to eating out and car purchases
  • business spending (capex) declines mainly due to falls for communication equipment and vehicle production
  • exports rose due mainly to electronic parts, machinery
The end of Q1 marks the end of the Japanse Fical year. GDP for the fiscal year contracted 4.6%, the biggest drop ever recorded.
Go to top