Japan GDP

Japan

Japan: GDP accelerates faster than initially expected in Q1

June 8, 2015

Revised data confirmed that the Japanese economy expanded in Q1 for the second consecutive quarter and showed that growth in the first quarter of 2015 was higher than initially expected. GDP expanded 3.9% in Q1 over the previous quarter in seasonally adjusted annualized terms (SAAR), according to new data released on 8 June. The reading was above the 2.4% increase reported in the first release and represented the fastest pace of growth in one year. On an annual basis, economic activity fell 0.9% in Q1, which was above the 1.4% drop tallied in the first estimate.



The upwardly revised figure showed that investment and to a lesser extent private consumption were stronger than previously estimated, while the contribution to growth from the external sector was left unchanged. Growth in private consumption fared slightly better compared to the initial estimate, expanding 1.5% (previously reported: +1.4% quarter-on-quarter SAAR), while government spending decelerated mildly to 0.3% (previously reported: +0.4% qoq SAAR). Gross fixed capital formation rose 6.4% (previously reported: +0.6% qoq SAAR) and private non-residential investment expanded 11.0% (previously reported: +1.4% qoq SAAR).

The Bank of Japan (BoJ) expects the economy to expand between 1.5% and 2.1% in the fiscal year 2015, which ends in March 2016. In the subsequent fiscal year, the BoJ sees GDP growth of between 1.4% and 1.8%. FocusEconomics Consensus Forecast panelists see GDP expanding 0.9% in calendar year 2015, which is unchanged from last month’s projection. In 2016, the panel sees the economy growing 1.5%.


Author: Ricard Torné, Lead Economist

Sample Report

Looking for forecasts related to GDP in Japan? Download a sample report now.

Download

Japan GDP Chart


Japan GDP Q1 2015

Note: Quarter-on-quarter seasonally adjusted annualized changes and annual variation of GDP in %.
Source: Cabinet Office (CO) and FocusEconomics Consensus Forecast.


Japan Economic News

  • Japan: Machinery orders decline in May

    July 11, 2018

    Although core machinery orders—a leading indicator of capital spending over a three- to six-month period—contracted in May, the fall was weaker-than-expected, suggesting that capital expenditure will gain steam further down the road.

    Read more

  • Japan: Business confidence weakens in Q2

    July 2, 2018

    According to the Bank of Japan’s quarterly Tankan business survey, sentiment among large manufacturers fell in the second quarter of 2018, suggesting economic momentum has yet to gain traction following a weak first quarter.

    Read more

  • Japan: Consumer confidence declines marginally in June

    June 29, 2018

    Consumer sentiment inched down to 43.7 in June from 43.8 in May, coming in just below market expectations of a stable print.

    Read more

  • Japan: Industrial production falls in May

    June 29, 2018

    Industrial production contracted 0.2% on a month-on-month and seasonally-adjusted basis in May, contrasting April’s revised 0.5% increase (previously reported: +0.3% month-on-month).

    Read more

  • Japan: Core inflation stable in May

    June 22, 2018

    The core consumer price index rose 0.1% in month-on-month seasonally-adjusted terms in May, reversing April’s 0.1% fall. Core inflation was steady at 0.7% in May, unchanged from April and in line with market expectations.

    Read more

More news

Search form