Japan's GDP expanded 0.8% qoq in Q2 of 2024, above market forecasts of 0.5% and a reversal from a 0.6% fall in Q1, preliminary data showed. It was the strongest quarterly growth since Q1 of 2023, with private consumption, which accounts for more than half of the economy, rising for the first time in five quarters (1.0% vs -0.6% in Q1), easily topping the consensus of a 0.5% rise and coming after spring wage negotiations that saw an average pay raise of 5.17% in the country, the highest in over 30 years. Also, business investment bounced back (0.9% vs -0.3%), in line with expectations, due to robust corporate earnings and a recovery in the automotive industry following scandals involving some big automakers. Meanwhile, government spending continued to increase despite its growth rate softening (0.1% vs 0.3%). Net trade subtracted 0.1% percentage points, as exports (1.4% vs -4.6%) rose less than imports (1.7% vs -2.5%). source: Cabinet Office, Japan
The Gross Domestic Product (GDP) in Japan expanded 0.80 percent in the second quarter of 2024 over the previous quarter. GDP Growth Rate in Japan averaged 0.43 percent from 1980 until 2024, reaching an all time high of 5.60 percent in the third quarter of 2020 and a record low of -7.80 percent in the second quarter of 2020. This page provides - Japan GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Japan GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2024.
The Gross Domestic Product (GDP) in Japan expanded 0.80 percent in the second quarter of 2024 over the previous quarter. GDP Growth Rate in Japan is expected to be 0.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Japan GDP Growth Rate is projected to trend around 0.40 percent in 2025, according to our econometric models.
Japan GDP Growth Rate
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.
| Actual | Previous | Highest | Lowest | Dates | Unit | Frequency | ||
|---|---|---|---|---|---|---|---|---|
| 0.80 | -0.60 | 5.60 | -7.80 | 1980 - 2024 | percent | Quarterly | SA |
News Stream
Japan Economy Rebounds Strongly in Q2
Japan's GDP expanded 0.8% qoq in Q2 of 2024, above market forecasts of 0.5% and a reversal from a 0.6% fall in Q1, preliminary data showed. It was the strongest quarterly growth since Q1 of 2023, with private consumption, which accounts for more than half of the economy, rising for the first time in five quarters (1.0% vs -0.6% in Q1), easily topping the consensus of a 0.5% rise and coming after spring wage negotiations that saw an average pay raise of 5.17% in the country, the highest in over 30 years. Also, business investment bounced back (0.9% vs -0.3%), in line with expectations, due to robust corporate earnings and a recovery in the automotive industry following scandals involving some big automakers. Meanwhile, government spending continued to increase despite its growth rate softening (0.1% vs 0.3%). Net trade subtracted 0.1% percentage points, as exports (1.4% vs -4.6%) rose less than imports (1.7% vs -2.5%).
2024-08-14
Japan Q1 GDP Shrinks 0.5% QoQ, Aligns with Flash Readings
Japan's GDP shrank 0.5% qoq in Q1 of 2024, matching flash data while reversing from an upwardly revised 0.1% growth in Q4. Private consumption, which accounts for more than half of the economy, fell for the fourth straight quarter (-0.7%, in line with the initial reading and market consensus, after a 0.4% drop in Q4), marking the steepest fall in 3 quarters as consumers continued to reduce their spending in the face of expensive costs of living and sluggish wages, and after a strong quake that struck Noto peninsula in January. Meantime, capital expenditure stayed weak (-0.4% vs the first print of a 0.8% fall and forecasts of a 0.7% fall, after a 1.9% rise in Q4), amid a reduction of auto production after a scandal at Daihatsu Motor. Net trade was a drag on the GDP, subtracting 0.2% percentage points as exports (-5.1% vs 2.8%) slipped more than imports (-3.3% vs 1.8%). On the other hand, government spending grew by 0.2%, unchanged from the flash print and after a 0.1% drop in Q4).
2024-06-09
Japan Q1 GDP Shrinks More than Expected
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.
2024-05-16
