Japan’s economy shrank at a slightly slower pace than initially estimated in the January-March quarter, although spending by households and companies still showed sluggishness.
The world’s third-largest economy after the U.S. and China shrank 0.5% on an annualized basis, which reflects what would happen if the first-quarter pace continued for a full year, revised government data showed Wednesday.
The preliminary estimate released in May said the economy contracted at an annualized 1%. The economy shrank a revised 0.1% from the previous quarter.
The revised data showed that private consumption increased 0.1% from the previous quarter, compared with a flat reading in the preliminary data. Capital expenditures fell 0.7%, compared with an initial estimate of a 0.5% rise.