Japan first-quarter GDP unchanged at 2.2% annualised contraction after 2nd revision

TOKYO Japan's economy contracted 2.2% year-on-year in January-March, unchanged after a second review, data from the Cabinet Office showed on Monday.

The additional review for gross domestic product (GDP) compared to economists' median forecast for a 2.8% contraction in a Reuters poll.

On a quarterly basis, GDP contracted 0.6%, also unchanged from the second preliminary reading and compared to an average forecast for a 0.7% drop.

The government released additional GDP revisions for the January-March quarter reflecting revised capital spending data from the finance ministry, which initially attracted fewer respondents than usual due to coronavirus-related disruptions.