1.1% annualized, quarter-over-quarter. Japan's preliminary second-quarter GDP reading landed at that level, 90 basis points below the 2.0% consensus and down from 1.8% in the first quarter. The quarterly figure, 0.3%, also missed: the estimate had been 0.5%.
| Metric | Reported | Estimate | vs. estimate |
|---|---|---|---|
| GDP, annualized QoQ | 1.1% | 2.0% | -0.9pp |
| GDP, QoQ | 0.3% | 0.5% | -0.2pp |
| Prior quarter, annualized QoQ | 1.8% | n/a | n/a |
The sequential deceleration from Q1's 1.8% annualized pace amounts to 70 basis points. On the quarterly measure, the 20-basis-point miss against consensus, 0.3% printed against 0.5% expected, drove the headline shortfall. The data carries a preliminary label.