Japan’s economy shrank an annualised real 1.8 percent in the January-March quarter, revised up from its earlier reading of a 2.0 percent decline, as corporate capital spending fell less than initially thought, the Cabinet Office said Monday.

According to Kyodo News, Japan’s gross domestic product (GDP) fell 0.5 percent from the previous quarter.

Private consumption, another key component of domestic demand that accounts for more than half of the economy, fell 0.7 percent.

Many analysts expect the economy to rebound in the April-June quarter.

Nominal GDP was cut to a 0.03 percent increase from the 0.1 percent in the preliminary data. It increased at an annualised rate of 0.1 percent, slower than the previously reported 0.4 percent.