Mount Fuji, Japan

Japan GDP

Japan GDP

Economic Growth in Japan

apan's GDP growth from 2013-2022 was well below the G7 average. The economy struggled with an aging population and deflationary pressures, despite fiscal and monetary stimulus. The COVID-19 pandemic caused a significant downturn. Long-term growth prospects remained subdued, highlighting the need for structural reforms to address demographic and productivity challenges.

The economy of Japan recorded an average growth rate of 0.6% in the decade to 2022, below the 1.8% average for Major Economies. In 2022, real GDP growth was 1.0%. For more GDP information, visit our dedicated page.

Japan GDP Chart

Note: This chart displays Economic Growth (GDP, annual variation in %) for Japan from 2014 to 2023.
Source: Japanese Cabinet Office.

Japan GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 0.6 -0.4 -4.1 2.6 1.0
GDP (USD bn) 5,040 5,117 5,056 5,030 4,258
GDP (JPY bn) 556,630 557,911 539,808 552,571 559,970
Economic Growth (Nominal GDP, ann. var. %) 0.6 0.2 -3.2 2.4 1.3

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).

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Japanese GDP projections for the next ten years from a panel of 55 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Japanese GDP.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Japanese GDP projections.

Want to get access to the full dataset of Japanese GDP forecasts? Send an email to info@focus-economics.com.

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