Japan first quarter GDP unchanged at 2.2% annualised contraction after second revision

• Japan’s economy shrank an annualized 2.2% in January-March, unchanged after a second revision, data from the Cabinet Office showed on Monday. The additional revision for the gross domestic product (GDP) compared with economists’ median forecast for a 2.8% contraction in a Reuters poll.
• On a quarter-on-quarter basis, GDP shrank 0.6%, also unchanged from the second preliminary reading and compared with a median forecast for a 0.7% fall.
• The government published additional revisions to GDP for the January-March quarter reflecting revised capital spending data from the finance ministry, which had initially drawn fewer respondents than usual due to coronavirus-related disruptions.

 (Source: CNBC)