Japan's economy contracted at a worse-than-expected 0.6% on an annualized basis in the first quarter, unchanged from the preliminary estimate, confirming an end to the country's eight straight quarters of growth, government data showed.
On a quarter-over-quarter basis, GDP shrunk 0.2%, also unchanged from the preliminary reading, revised Cabinet Office data showed.
Private consumption, which accounts for more than half of GDP, fell 0.1% during the quarter. The revised data was the result of an upward revision to the figures for the previous quarter, Bloomberg News reported.
Weaker-than-expected household spending in April suggested Japan's economy would continue to depend mainly on external demand for growth, Bloomberg said.
Domestic demand subtracted 0.2 percentage point from revised GDP, while net exports contributed 0.1 percentage point, both unchanged from preliminary figures, Reuters reported.
The risk of a technical recession, or two consecutive quarters of contraction, will rise if economic indicators for the second quarter do not improve, Reuters said, citing warnings from economists. Japan's economy expanded at an annualized rate of 1.6% in the fourth quarter of 2017.
As of June 7, US$1 was equivalent to ¥109.99.
