Japan GDP Slumps 0.5% In Q1

(RTTNews) - Japan's gross domestic product contracted a seasonally adjusted 0.5 percent on quarter in the first quarter of 2024, the Cabinet Office said on Thursday.

That missed expectations for a decline of 0.3 percent after adding 0.2 percent in the previous three months.

On a yearly basis, GDP slumped 2.0 percent - again missing estimates for a decline of 1.5 percent after rising 0.4 percent in the three months prior.

Capital expenditure dropped 0.8 percent on quarter after rising 1.8 percent in the previous quarter, while external demand fell 0.3 percent on quarter after gaining 0.2 percent. Private consumption shed 0.7 percent on quarter after dipping 0.4 percent in Q4.