Jan-March Real GDP Annualized -3.7%

The Cabinet Office announced that gross domestic production for the January-March quarter fell 0.9% on the quarter, or an annualized 3.7%. The result was below the average market forecast of a 2.3% contraction. Personal consumption and capital spending are the main detractors. The GDP deflator also fell 1.9% from a year earlier after declining 1.6% in the October-December period.