First quarter GDP data released on Monday underscored the expanding impact of the outbreak, with exports falling 6% - the most since the devastating earthquake in March 2011:
▪️Japan's economy in the 1st quarter declined by 0.9%; in relation to the 1st quarter of last year, the decline in GDP amounted to 2.2%. Such numbers are not news, because already in the 4th quarter of 2020, Japan's GDP was already in the red (-1.9% q/q) due to higher taxes, and even then it was clear that against the background of coronavirus, the third world economy would survive a recession.
We believe that the decline will continue in the 2nd quarter, which was subject to the most stringent quarantine restrictions.
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▪️Japan's economy in the 1st quarter declined by 0.9%; in relation to the 1st quarter of last year, the decline in GDP amounted to 2.2%. Such numbers are not news, because already in the 4th quarter of 2020, Japan's GDP was already in the red (-1.9% q/q) due to higher taxes, and even then it was clear that against the background of coronavirus, the third world economy would survive a recession.
We believe that the decline will continue in the 2nd quarter, which was subject to the most stringent quarantine restrictions.
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