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Japan’s gross domestic product contracted an annualized 5.1 percent in the first quarter of 2021, the Cabinet Office said in Tuesday’s preliminary report.

That missed expectations for a decline of 4.6 percent following the downwardly revised 11.6 percent increase in the previous three months (originally 11.7 percent).

On a quarterly basis, GDP sank 1.3 percent – again missing expectations for a drop of 1.2 percent following the 2.8 percent increase in the three months prior.

Capital expenditure was down 1.4 percent on quarter, shy of expectations for a gain of 1.1 percent following the 4.3 percent jump in the previous quarter.


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