Japan’s gross domestic product was down an annualized 6.3 percent in the fourth quarter of 2019, the Cabinet Office said in Monday’s preliminary report.
That was well shy of expectations for a decline 3.8 percent following the 0.5 percent increase in the three months prior.
On a seasonally adjusted quarterly basis, GDP sank 1.6 percent – again missing forecasts for a decline of 1.0 percent following the 0.1 percent gain in the third quarter.
Nominal GDP was down 1.2 percent on quarter, missing expectations for a drop of 0.6 percent after gaining 0.6 percent in the previous three months.
The GDP deflator was up 1.3 percent on year in Q4, the Cabinet Office said – exceeding expectations for an increase of 1.1 percent and up from 0.6 percent in the three months prior.
Business spending skidded 3.7 percent on quarter, missing forecasts for a decline of 1.6 percent following the 0.5 percent increase in the third quarter.
Private consumption sank 2.9 percent on quarter, missing forecasts for a drop of 2.0 percent following the 0.5 percent gain in the previous three months.