Japan Q1 GDP downgraded to 2.9% annualized drop due to construction data corrections.

Japan downgraded its Q1 GDP due to construction data corrections, revealing a 2.9% annualized drop (vs. initial 1.8% contraction estimate). This unexpected revision may lead to cuts in Bank of Japan's growth forecasts and could affect the timing of its next interest rate hike. Revisions also affected previous quarters' GDP data, with October-December growing 0.1% (down from 0.4%) and July-September seeing a 4.0% decline (vs. 3.7% drop).

July 01, 2024
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