Japan's economy contracts annualized real 2.9% in Jan.-March

Japan's economy contracted an annualized real 2.9 percent in the January-March period, revised from a 1.8 percent decline, government data showed Monday.

The figure for the October-December quarter last year was also lowered to 0.1 percent growth from 0.4 percent growth previously, the Cabinet Office said.

The changes come as the transport ministry revised down figures in construction order statistics last week, saying one of the companies surveyed mistakenly reported more orders than it had received.

GDP is the total value of goods and services produced in a country.

© Kyodo News