Japan's Economy Contracts Less Than Expected In Q2

Japan's gross domestic product was down 0.3 percent in the second quarter of 2011 compared to the previous quarter, the Cabinet Office said on August 15, extending the country's recession following the devastating earthquake and tsunami on March 11.
TradingEconomics.com, the Cabinet Office 8/15/2011 12:59:32 PM

Yet, the data was much better than expected, beating handily forecasts for a contraction of 0.7 percent following the 0.9 percent decline in the first quarter.

Compared to the same quarter, previous year, GDP contracted 1 percent.

In annualised, seasonally adjusted terms, real gross domestic product shrank 1.3 per cent in the second quarter after marking a 3.6 per cent drop in the previous period.

The data showed exports fell 4.9 per cent and personal spending lost 0.1 per cent. Housing investment dropped 1.9 per cent while inventories contributed 0.3 percentage point to overall GDP.  Corporate capital spending rose 0.2 percent against forecasts for a 0.5 percent gain.