MNI DATA BRIEF: Japan Q1 GDP Revised Higher On Private Demand

Japan's economy contracted at a slower rate than previously forecast for Q1 as the contribution from private demand was revised higher, according to second preliminary data released by the Cabinet Office on Tuesday.

The economy contracted 1.0% q/q, or an annualized -3.9%, compared with the first preliminary estimates of -1.3% q/q and an annualized -5.1%.

In the revised data, capital investment fell 1.2% q/q, revised up from the 1.4% fall seen in the preliminary release. The negative contribution from capital investments was unrevised at 0.2 percentage points.

Private consumption, which accounts for about 60% of Japan's GDP, was revised to -1.5% q/q, from -1.4%, pushing overall GDP lower by a revised figure rounded to 0.8 pp from -0.7 pp.

The contribution of net exports -- exports minus imports -- was unrevised to -0.2 percentage points.

Private-sector inventories to total domestic output contributed a revised +0.4 percentage points from +0.3 pps, and the GDP contribution of public investment was revised to -0.0 q/q from -0.1 pps.