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Japan Industry

Japan Industry

Industrial Production in Japan

Japan's economy recorded an average industrial production growth rate of -0.4% in the decade to 2022, below the 0.7% average for Major Economies. In 2022, Japan's industrial production growth was -0.2%. For more industry information, visit our dedicated page.

Japan Industry Chart

Note: This chart displays Industrial Production (annual variation in %) for Japan from 2014 to 2023.
Source: Japanese Ministry of Economy, Trade and Industry.

Japan Industry Data

2018 2019 2020 2021 2022
Industrial Production (ann. var. %) 0.6 -2.7 -10.4 5.4 -0.2

Industrial output grows at quickest pace since June 2022 in March

Industrial production expanded 3.8% month on month in seasonally adjusted terms in March (February: -0.6% mom). March's figure marked the best reading since June 2022 and beat market expectations. Looking at the details of the release, manufacturing production rebounded in March, while mining output swung to contraction. On an annual basis, factory output plunged 6.7% in March, which was significantly greater than February’s 3.9% fall and marked the worst result since September 2020. Accordingly, the trend pointed down, with the annual average variation of industrial production coming in at minus 2.0% in March, down from February's minus 1.4%.

ING’s Min Joo Kang commented on the outlook: “As production stoppages due to the safety scandal issue [at a Toyota subsidiary in December] have normalised since March, we believe that there could be a few more months of catch-up production. Production output forecasts for April and May also rose 4.1% month-on-month sa and 4.4% each, which suggests that the growth momentum in manufacturing activity is likely to continue in the second quarter.”

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 industry projections for the next ten years from a panel of 17 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 industry forecast available for Japanese industry.

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

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

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