Pandemic hit to Japan’s Q1 business spending worse than first thought

  • 📰 theSundaily
  • ⏱ Reading Time:
  • 36 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 51%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

TOKYO: Japan's companies spent less than initially estimated in the first quarter of the year, revised data showed on Monday, suggesting the coronavir...

Japan's companies spent less than initially estimated in the first quarter of the year, revised data showed on Monday, suggesting the coronavirus pandemic's hit to the economy was deeper than first thought.

The weaker data, which is used to calculate revised gross domestic figures due next Monday, signalled the world's third-largest economy shrank at a faster pace than initially estimated in the first quarter, said analysts. "Demand conditions are likely to remain depressed for a longer time. Overall capital spending will likely remain weak as there are moves to stop investments to achieve labour savings," he said.

The government will announce further revisions to the first-quarter GDP figures on Aug. 3 reflecting the revised capital spending data. Japan's economy shrank a revised 2.2% in the first quarter and remains on course for a much deeper slump in April-June.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 25. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Malaysian spa owner's secret to success in business 'is in giving back'This Malaysian woman entrepreneur shares how she pivoted her business to stay afloat during the Covid-19 pandemic.
Source: staronline - 🏆 4. / 75 Read more »