Japan Q1 GDP +0.4% q/q (vs. expected +0.1%)

Preliminary GDP data for Japan in January - March 2023. Big beat!

• annualised GDP +1.6% (expected +0.7%, prior +0.1%)
• real GDP +0.4% q/q (expected +0.1%, prior 0.0%) - this is the first gain in 3 quarters
• private consumption +0.6% q/q (poll: +0.4%)
• capex +0.9% q/q (poll: -0.4%)
• external demand contribution to GDP -0.3% (poll: -0.2 pct pt)
• exports -4.2% q/q, contribution to GDP in Q1 was -0.3%
• domestic demand contribution to GDP +0.7 %
• GDP deflator +2.0% y/y (this is an indicator of inflation )

more to come