TOKYO (Reuters) - the Japan economy decreased by 0.9% in January-March from the previous quarter, marking a quarter of a second right of contraction, data of the Council of Ministers revealed Thursday, as the March earthquake and tsunami and the nuclear crisis ensuing weighed heavily on capital spending and private consumption.
The contraction of gross domestic product of the Japan exceeded the average forecast in a poll of economists Reuters it will decrease by 0.5% from the previous quarter.
Here are the key points of the gross domestic product (GDP) data:
-Annualized GDP for January-March decreased by 3.7% of the previous quarter, also the second straight quarter of contraction and worse than the least 2.0% expected by economists.
-Private consumption, which represents about 60% of the Japan economy, fell 0.6% after a revised 1.0% slip in the last quarter of 2010.
-Capital spending fell 0.9%, for the first time in six quarters, after review, an increase of 0.1% in October and December.
-Net exports shaved percentage 0.2 point out Japan GDP in January-March, marking a negative contribution for the third straight quarter.
-Shaved domestic demand 0.8 percentage point to GDP growth offshore, a negative contribution to a second quarter in a row.
-The GDP deflator fell to 1.9% in the first quarter of the previous year, falling for a sixth straight quarter.
-Japanese economy Minister Kaoru Yosano said the economic contraction in the first quarter was due largely to the impact of the earthquake on March 11 and the economy had the strength to bounce.
-Yosano provides that the Japanese economy to reach almost 1 per cent of growth in the current financial year which began in April.
(Reported by Kaori Kaneko;) (Editing by Edmund Klamann)
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