GDP per capita in Japan
Japan - GDP per capita (U.S. Dollars)
GDP contracts at a sharper pace than initially reported in Q3 on weak capital expenditure
Following a barrage of natural disasters to hit the country this year, the Japanese economy contracted at the sharpest pace in over four years in the third quarter. According to revised data released by the Cabinet Office on 10 December, GDP declined 2.5% over the previous quarter in seasonally-adjusted annualized terms (SAAR), a steeper decline than the 1.2% drop initially estimated (Q2: +2.8% quarter-on-quarter SAAR). In annual terms, GDP was flat in Q3, decelerating from Q2’s 1.4% growth.
A much sharper contraction of 10.6% in private non-residential investment (previously reported: -0.9% qoq SAAR) led gross fixed capital formation to drop 8.4% (previously reported: -1.9% qoq SAAR), which represented the weakest performance in six years. Growth in private consumption and public spending, as well as the contribution from the external sector, were left broadly unchanged compared to the first estimate.
Although the contraction is expected to be only temporary, analysts at Nomura note that:
“Given that the global economy is in the midst of an ongoing slowdown, we think the slowdown in Japan's real exports, and in turn the country's economy as a whole, is likely to continue.”
The median GDP forecast among BoJ members is 0.8% for both FY 2019 and FY 2020. FocusEconomics Consensus Forecast panelists see GDP expanding 1.1% in calendar year 2019, which is unchanged from last month’s projection. In 2020, the panel projects the economy to grow 0.6%.
Japan - GDP per capita (USD) Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| GDP per capita (USD) | 40,110 | 38,361 | 34,557 | 39,195 | 38,152 |
Japan Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.01 | -4.41 % | Jan 16 |
| Exchange Rate | 109.1 | -0.35 % | Jan 16 |
| Stock Market | 20,443 | 0.40 % | Jan 16 |
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Economic News
Japan: Core inflation falls to seven-month low in December
January 18, 2019
The core consumer price index fell 0.1% in month-on-month seasonally-adjusted terms in December, contrasting November’s flat reading. Core inflation fell from November’s 0.9% to 0.7% in December, the lowest reading in seven months.
Japan: Industrial production contracts in November
January 18, 2019
Industrial production fell 1.0% on a month-on-month and seasonally-adjusted basis in November (previously reported: -1.1% month-on-month), contrasting October’s 2.9% expansion. On an annual basis, industrial output rose 1.5% in November, following the 4.2% increase logged in October.
Japan: Machinery orders flat in November
January 16, 2019
Core machinery orders, a leading indicator for capital spending over a three- to six-month period, stalled in November, suggesting that firms may trim capital expenditure in the coming months.
Japan: Consumer confidence falls to an over two-year low in December
January 8, 2019
Consumer sentiment fell from 42.9 in November to 42.7 in December, marking the lowest reading since December 2016.
Japan: Core inflation creeps down in November
December 21, 2018
The core consumer price index was stable in month-on-month seasonally-adjusted terms in November, down from October’s 0.2% increase. Core inflation inched down to 0.9% in November compared to October’s 1.0%, missing analysts’ expectations of 1.0%.
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