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Japan's Q1 GDP Revised Up to 0.5% Annualised Contraction

TOKYO, June 8 (Reuters) - Japan's economy shrank an annualised 0.5% in the first quarter, slightly better than the initial estimate of a 1.0% contraction, revised government data showed on Wednesday, as consumption remained resilient in the face of resurgent COVID-19 infections.

The revised figure for gross domestic product (GDP) released by the Cabinet Office compared with economists' median forecast for a 1.0% contraction in a Reuters poll.

On a quarter-on-quarter basis GDP fell 0.1%, compared with the initial minus 0.2% reading and a median forecast for a 0.3% drop.

Reporting by Daniel Leussink Editing by Chang-Ran Kim

Source: Reuters

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