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Japan GDP Growth Rate

Last Release
Mar 31, 2024
Actual
-0.5
Units In
%
Previous
-0.1
Frequency
Quarterly
Next Release
Jun 09, 2024
Time to Release
24 Days 11 Hours
Highest
Lowest
Average
Date Range
Source
5.4
Sep 2020
-7.9
Jun 2020
0.42 %1980-2024N/A
Japan's industrialized, free market economy is the fourth biggest in the world. Japan has the largest electronics industry and the third largest automobile industry in the world. Japan’s economy is well-known by its efficiency and competitiveness in exports oriented sectors, but productivity is lower in areas such as agriculture, distribution, and services.

Latest Updates

Japan's GDP shrank 0.5% qoq in Q1 of 2024, compared with market estimates of a 0.4% fall and after a downwardly revised stagnation in the prior quarter, a flash figure showed. Private consumption, which accounts for more than half of the economy, fell for the fourth straight quarter (-0.7% vs -0.4% in Q4), coming worse than forecasts of a 0.2% decrease and marking the steepest fall in three quarters as consumers continued to reduce their spending in the face of expensive costs of living and sluggish wages, and after a quake that struck the Noto peninsula at the start of the year. Capital expenditure also dropped (-0.8% vs 1.8%), compared with expectations of a 0.7% fall, due to the significant reduction of auto production after a scandal at Toyota's unit Daihatsu Motor. Net trade was also a drag on the GDP, matching forecasts, as exports (-5.0% vs 2.8%) declined more than imports (-3.4% vs 1.8%). On the other hand, government spending grew by 0.2%, compared with a 0.2% drop previously.

Japan GDP Growth Rate History

Last 12 readings

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