Published: Wed, May 16, 2018
Business | By Tara Barton

Japan's First Quarter GDP Growth Seen Slowing Sharply In Setback For 'Abenomics'

Japan's First Quarter GDP Growth Seen Slowing Sharply In Setback For 'Abenomics'

The limp first-quarter performance was spread across different areas of the economy, according to Marcel Thieliant, senior Japan economist at research firm Capital Economics. Economists has forecast annualized contraction of around 0.2%.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, lost 2.24 points, or 0.12 percent, to 1,802.91.

Export demand added 0.1% to first quarter GDP but the rate of growth is slowing.

On a quarter-on-quarter basis, GDP shrank 0.2 per cent, versus the median estimate for a GDP to remain unchanged.

But potential fallout from Sino-U.S. trade frictions and global protectionism cloud the outlook for Japan's export-reliant economy in the coming quarters, they say.

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Fourth quarter growth was revised to an annualized 0.6 percent, down from the 1.6 percent estimated earlier.

"Globally, IT-related items have been in an adjustment phase, which weighed down Japan's exports and factory output".

"The economy is unlikely to continue to contract further".

Many economists expect the world's third largest economy will return to growth in the current quarter, while blaming temporary factors such as bad weather and a slowdown in global electronic products demand for the first-quarter slump.

Experts have predicted Japan's economic growth will be weaker this year than in 2017.

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