In effect, the preliminary estimate was bloated by (hold your breath) 300% as compared to the revised estimate. Reason - deflation.
As per the revised estimate, nominal GDP shrank by as much as 0.9% as compared to the preliminary estimate of a mere 0.1% decline. Did they employ the Chinese statisticians to cook up the numbers?
With deflation and rising Yen being a concern, Japan is really in for a troublesome road ahead. But why Japan?
The hubris of the recent deflation are evident in countries across continents. Dubai debt debacle is supposedly a tip of the iceberg. Greek rating has recently been downgraded with Portugal awaiting a similar fate. German IP numbers released recently surprised on the downside. UK economy is in a mess with their CDS spread jumping to 74 basis points from 44 basis points about 2 months ago. Even their investment grade rating hangs in balance.
Seemingly China and Chinese statisticians are our only hope for a global rebound.