Japan's First Quarter GDP Growth Seen Slowing Sharply In Setback For 'Abenomics'

Japan's first quarter GDP shrinks more than expected in setback for'Abenomics

Japan's economy relies on exports of electronics, among other products.

Economists say while the contraction is temporary, the rebound will not be almost as strong as previous quarters.

The limp first-quarter performance was spread across different areas of the economy, according to Marcel Thieliant, senior Japan economist at research firm Capital Economics.

Private consumption, which makes up about 60 percent of the economy, probably stood flat after a 0.5 percent gain in the fourth quarter. However, there are concerns that trade friction with the United States could affect demand for exports.

"Globally, IT-related items have been in an adjustment phase, which weighed down Japan's exports and factory output", said SMBC Nikko Securities economist Yoshimasa Maruyama.

Pep Guardiola named Premier League Manager of the Year
In fact, the former Atletico forward would have even made a massive push for the Golden Boot if he had played the entire season. The Saints had a poor season in contrast as they secured Premiership survival on the last day of the season.

That marked the end of the longest sequence of growth since a 12-quarter run between April-June 1986 and January-March 1989 during the asset-inflated bubble economy.

Domestic demand lopped 0.2 percentage points (ppts) of quarterly growth, driven lower by declines in housing investment and private business inventories.

The world's third largest economy contracted at an annualised rate of 0.6%, official data showed.

They say the preliminary real GDP fell 0.2 percent from the previous quarter.

It was the first decline in nine quarters, snapping the longest stretch of continued expansion since the late 1980s.

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