Japan GDP revised, shrinks 0.5% in Jan.-Mar.

The Japanese government has been crunching the economic data for the first three months of this year and says the outcome was better than expected.

The Cabinet Office said on Wednesday that the economy in the January to March period shrunk in real terms from the previous quarter at an annualized rate of 0.5 percent.

An earlier preliminary reading had it shrinking 1 percent.

The contraction reflects sluggish public investment and personal consumption.

Public investment, including public works spending, shrank 3.9 percent.

Consumer spending saw an increase of 0.1 percent from the previous quarter.

Consumer spending accounts for more than half of the GDP in the world's third largest economy.

Consumers curtailed travel and dining out when quasi-emergency coronavirus measures were in place for much of the country.