Japan GDP preliminary for Q2 2020, capturing the impact of the COVID-19 outbreak and response
GDP sa -7.8% q/q , a miss on already ugly low expectations
- expected -7.5%, prior -0.6%
GDP annualised sa -27.8% q/q (ps when you see screaming headlines that Japan’s economy has shrunken 30% …. it hasn’t, but this is what the economically illiterate are referring to – you’ll know better)
- expected -26.9%, prior -2.2%
GDP nominal -7.4% q/q
- expected -6.5%, prior -0.5%
GDP deflator (an inflation indication) %
- expected 1.7%, prior 0.9%
Private consumption -8.2%
- expected -6.9% q/q, prior -0.8%
Business spending -1.5% … if there is some not quite so bad news to take away from the data release this smaller than expected drop in capex is it
- expected -4.0%, prior -1.7%