Japan’s economy contracted less than initially estimated at the beginning of this year, with revised figures showing consumer spending held up in the first quarter of the year even as the country suffered from its worst outbreak of the pandemic yet.
Gross domestic product shrank an annualized 0.5% in the three months through March, updated numbers from the Cabinet Office showed Wednesday. Consumption continued to grow in the quarter despite a raft of omicron-related restrictions on business operating hours during a large part of the period.
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