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Japan's economy shrank 0.5 percent in first quarter 2024

[10/06/2024 06:20]

TOKYO-SABA
Japan's economy recorded a contraction of 0.5 percent of GDP, compared to the fourth quarter of last year 2023, which recorded a quarterly growth of 0.1 percent the first quarter of 2024,

Japan's government office's data showed today, Monday, that the economy contracted during the first quarter by 1.8 percent annually, while analysts had expected an annual contraction of 2 percent after annual growth of 0.2 percent during the fourth quarter of last year.

The data indicated that capital spending during the first quarter recorded a quarterly contraction of 0.4 percent, while the rate of contraction of consumer spending remained unchanged at 0.7 percent compared to preliminary data released earlier.