Japan’s GDP Shrinks Less Than Estimated. Japan’s economy contracted less than initial estimation made last quarter, after revisions showed stronger capital investment, even as the coronavirus pandemic pushed the country into a recession. The Cabinet Office’s revised report on Monday showed gross domestic product shrank an annualized 2.2% compared with the last quarter of 2019, better than an initial estimate of a 3.4% contraction. Economists had an expected revision to minus 2.1%. The result still means Japan’s economy has shrunk for a two straight quarters with an even sharper drop expected in the April-June period. Even before the revision was released, economists were casting doubt on its accuracy. Japan revises its preliminary GDP data to incorporate investment figures from a business survey that’s published later. This time, a low response rate amid the pandemic may have skewed the results, the finance ministry said this month after the survey showed an unexpected gain in
Comments
Post a Comment