The economy shrank in the first quarter at the same pace as previously estimated, according to a further revision of data that continued to show Japan was in a recession before the pandemic took its heaviest toll.
Gross domestic product shrank an annualized 2.2 percent in the first quarter compared with the final three months of 2019, the Cabinet Office reported Monday, with business investment showing more resilience than expected.
Economists had forecast a 2.8 percent contraction following a rare Finance Ministry move to update capital spending data last week after initial survey results were deemed insufficient in light of a low response rate from companies dealing with the pandemic.
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