For the flash estimate and Q4 2020 figures: Japan Q1 GDP (preliminary) -1.3% q/q (SA) (vs. -1.1% expected)


  • GDP sa -1.0% q/q - if you check out the prelim numbers you'll see this revised figure is not as bad.

  • GDP annualised sa -3.9% q/q

  • GDP nominal -1.3% q/q

  • GDP deflator (an inflation indication) % y/y

  • Private consumption -1.5% q/q

  • Business spending -1.2% q/q

Some background if you find useful:

  • state of emergency curbs to combat the coronavirus pandemic are sapping GDP growth, weighing on consumption.
  • Export growth is robust, which is a positive
  • rising energy and commodities prices could worsen terms of trade (Japan is heavily reliant on raw material imports)