TOKYO – Japan says its economy contracted at a 1.1 percent annualized pace in the last quarter, stymied by slow consumer demand and weaker exports.
The revised data released Tuesday showed a slight improvement over the previous estimate of a 1.4 percent contraction in October-December. However, the world's third-largest economy is failing to gain momentum despite unprecedented efforts by the central bank to spur more business activity through monetary stimulus.
The latest figures show domestic demand fell 0.4 percent instead of the earlier reported 0.5 percent decline, while exports dropped 0.8 percent instead of 0.9 percent. Business investment climbed 1.5 percent, helping to offset a decline in spending on housing. Overall public investment dropped 3.4 percent.
Japan's economy grew 0.5 percent in 2015 after flat-lining in 2014.