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Japan GDP Q4 2023

Japan: Second release shows GDP rose, not fell in Q4

A second release by the statistical office revised up seasonally adjusted annualized GDP growth in Q4 to 0.4% from the -0.4% estimated in the first release. As a result, the economy narrowly avoided a recession, having contracted 3.2% in Q3. On a year-on-year basis, economic growth slowed to 1.2% in Q4, from the previous period’s 1.6% growth.

The upturn reflected stronger readings in private consumption, fixed investment and exports compared to the previous period.

Household spending slid at a softer rate of 1.0% SAAR in Q4 from a 1.4% contraction in Q3. Moreover, fixed investment bounced back, growing 4.2% in Q4, contrasting the 1.5% decrease logged in the previous quarter. On the external front, exports of goods and services growth sped up to 10.7% in Q4 (Q3: +3.8% SAAR). That said, government consumption dropped at the sharpest pace since Q3 2023, contracting 0.7% (Q3: +1.1% SAAR). Furthermore, imports of goods and services growth sped up to 6.9% in Q4 (Q3: +4.0% SAAR).

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