Japan Jan.-Mar. GDP revised upward

Japanese officials say the country's economy shrank less than previously estimated in the first quarter of this year.

The Cabinet Office now says GDP contracted at an annualized pace of 3.9 percent in January to March from the previous quarter in real terms.

The preliminary figure issued last month was minus 5.1 percent. Still, it was the first fall in three quarters. The economy was hurt by the state of emergency declared in early January.

Consumer spending makes up more than half of Japan's GDP. It was revised down slightly to minus 1.5 percent from minus 1.4 percent. Business at restaurants and hotels was especially weak.

Corporate investment was revised up to minus 1.2 percent. That was a bit better than minus 1.4 percent previously.

Many analysts are pessimistic about the current April to June quarter as well.

Measures to curb the coronavirus and a slow vaccine rollout are standing in the way of a full recovery.