The government on Thursday significantly downgraded economic growth in the January-March quarter from preliminary data, due largely to a fall in crude oil inventories.

The expansion in real gross domestic product, the total value of goods and services produced in the country adjusted for inflation, was revised to an annualized 1.0 percent growth from the previously estimated 2.2 percent expansion, the Cabinet Office said.

The revised figure undershot the market consensus for 2.6 percent growth.