Japan GDP final for Q1 2021 -1.0% q/q (prior +2.8%)

Finals:
  • GDP sa -1.0% q/q – if you check out the prelim numbers you’ll see this revised figure is not as bad.
  • GDP annualised sa -3.9% q/q
  • GDP nominal -1.3% q/q
  • GDP deflator (an inflation indication) % y/y
  • Private consumption -1.5% q/q
  • Business spending -1.2% q/q

Some background if you find useful:

  • state of emergency curbs to combat the coronavirus pandemic are sapping GDP growth, weighing on consumption.
  • Export growth is robust, which is a positive
  • rising energy and commodities prices could worsen terms of trade (Japan is heavily reliant on raw material imports)
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