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Economy

Japan's Q1 GDP revised up to 3.9% annualized contraction

Vaccination progress is set to drive growth in second half

More Japanese have been going out as a fresh pandemic wave has started winding down, and consumer spending looks set for a sharp rebound after June 20, when the renewed state of emergency ends.   © Reuters

TOKYO -- Japan's economy shrank a revised 1.0% in January-March, or an annualized pace of decline of 3.9%, the Cabinet Office said on Tuesday, with government spending falling less than expected due to new efforts against the coronavirus pandemic.

The figures were better than the initially estimated decline of 1.3% in gross domestic product, or an annualized rate of decline of 5.1%. The initial estimates were released on May 18.

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