The Japanese gross domestic product (GDP) decreased by 0.5% in the first quarter of 2024 compared to the previous quarter, the Cabinet Office said in a second preliminary report on Monday. The figure aligned with expectations.
Annualized GDP contracted by 1.8%, coming in below expectations. The report also noted that exports dropped 5.1% in the first quarter compared to the previous one. Meanwhile, domestic demand fell by 0.1% quarter-to-quarter.