The Japanese economy shrank at almost the same pace as initially estimated in the January-March quarter due to sluggish spending by households and companies, revised government data showed Monday.
Real gross domestic product contracted 1.8% on an annualized basis in the first quarter of 2024, compared with a 2.0% contraction recorded in the preliminary estimates released in mid-May. It shrank 0.5% from the previous quarter.
The revised data showed that consumer spending declined 0.7% from the previous quarter, unchanged from the preliminary reading. Capital expenditure fell 0.4%, compared with a 0.8% drop in the preliminary estimates.