Japan GDP


Japan: Revised data show Japan limping out of recession in fourth quarter

March 8, 2013

According to new data released on 8 March, in the last quarter of 2012, GDP expanded a mild 0.2% over the previous quarter in seasonally adjusted annualized terms (saar). The print contrasted the 0.4% drop reported in the first estimate and confirms that Japan exited recession in Q4, after having contracted in the previous two quarters. On an annual basis, economic activity expanded 0.5% in the fourth quarter (previously reported: +0.3% year-on-year). For the full year 2012, GDP expanded 2.0%, which contrasts the 0.6% drop recorded in 2011.

The improvement over the initial estimate was mainly due to a more resilient domestic demand, while the external sector was unrevised. Private consumption expanded 2.0% (previously reported: +1.8% quarter-on-quarter saar), while public spending rose 2.7% (previously reported: +2.4% quarter-on-quarter saar). In addition, private non-residential investment contracted a less severe 5.7%, compared to the previously reported 9.9% decline.

The Bank of Japan expects the economy to expand between 1.9% and 2.5% in the fiscal year ending in March 2014. In the following fiscal year, the BoJ sees GDP growing between 0.6% and 1.0%. FocusEconomics Consensus Forecast panellists see GDP expanding 1.0% in 2013, which is up 0.2 percentage points from last month's projection. In 2014, the panel sees the economy growing 1.3%.


Sample Report

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


Japan GDP Chart

Japan GDP Q4 2012

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: Core inflation inches up in June

    July 20, 2018

    The core consumer price index rose 0.1% in month-on-month seasonally-adjusted terms in June, up from May’s flat reading. Core inflation was up a notch to 0.8% in June from 0.7% in May, which was in line with market expectations.

    Read more

  • Japan: Export growth slows in June

    July 19, 2018

    Nominal yen-denominated merchandise exports increased 6.7% annually in June, decelerating from May’s 8.1% expansion and undershooting market expectations of a 7.0% increase.

    Read more

  • 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

More news

Search form