Number of UK billionaires falls after market turmoil; Japan’s GDP shrinks – business live
Rolling coverage of the latest economic and financial newsJapan’s economy has shrunk for the first time in a year, helping to cement the UK’s position as the fastest growing member of the G7 so far this year.New data today shows that Japan’s real gross domestic product (GDP) contracted by 0.7% in annualised terms (or -0.2% during the quarter), a larger fall than expected.Japan’s GDP contracted by more than expected in Q1, falling 0.2% over the quarter. The contraction was the first in a year and reflected weakness in exports, likely due in part to the yen appreciation in the first three months of the year that would have impacted Japan’s export competitiveness. The partial offset, and main positive within the data was that domestic demand remained strong.In addition, Japan’s potential growth rate is estimated by BoJ staff at around 0.5% year-on-year. This equates to a quarterly growth rate of around 0.1%, which is lower than for many economies and means any deviations below this can easily result in a contraction.UK: +0.7% growth in January-MarchItaly: +0.3% growthGermany: +0.2% growthFrance: +0.1% growthUS: a -0.1% contractionJapan: a -0.2% contraction Continue reading...
Rolling coverage of the latest economic and financial news
Japan’s economy has shrunk for the first time in a year, helping to cement the UK’s position as the fastest growing member of the G7 so far this year.
New data today shows that Japan’s real gross domestic product (GDP) contracted by 0.7% in annualised terms (or -0.2% during the quarter), a larger fall than expected.
Japan’s GDP contracted by more than expected in Q1, falling 0.2% over the quarter. The contraction was the first in a year and reflected weakness in exports, likely due in part to the yen appreciation in the first three months of the year that would have impacted Japan’s export competitiveness. The partial offset, and main positive within the data was that domestic demand remained strong.
In addition, Japan’s potential growth rate is estimated by BoJ staff at around 0.5% year-on-year. This equates to a quarterly growth rate of around 0.1%, which is lower than for many economies and means any deviations below this can easily result in a contraction.
UK: +0.7% growth in January-March
Italy: +0.3% growth
Germany: +0.2% growth
France: +0.1% growth
US: a -0.1% contraction
Japan: a -0.2% contraction Continue reading...
