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Slump in consumer spending, exports makes Japan's economy shrink 0.5%
Japan's economy shrank 0.5% in the first quarter of 2024 compared with the end of last year, largely due to falls in consumer spending and exports, it was announced today.
© Lusa
Economia Japão
Consumption, which accounts for roughly 60% of Japan's gross domestic product (GDP), shrank a preliminary 0.7% in the quarter, government data showed.
It was a sign of Japanese reluctance to spend amid stagnant wage growth and persistent inflation.
Inflation in Japan hit 2.6% in March and has been above the central bank's 2% target for two years, driven initially by rising energy costs linked to the war in Ukraine and now increasingly by food price increases.
That could soon change, however, as annual spring wage negotiations are expected to result in pay increases of more than 5% this year, which would be the fastest in more than three decades.
Japan's economy also contracted 0.2% from a year earlier.
Also weighing on the economy was a slowdown in exports, another major component of Japanese GDP, which fell 5% in the quarter after rising 2.8% in the final three months of 2023.
Imports also contracted, by 3.4% -- following gains of 0.9% and 1.8% in the previous two quarters, respectively -- likely due to the weak yen.
The Japanese currency was trading around 155 to the dollar on Tuesday, after hitting a 34-year low near 160 in late April.
A weak yen tends to boost exporters' overseas profits but also increases the cost of importing energy and raw materials, on which Japan relies heavily.
Capital expenditure also fell 2.5% in the first quarter, while business investment dropped 0.8%.
Government spending, however, rose 3.1%, helped by a series of stimulus measures rolled out by the country.
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