November 14, 2019

Japan Real Gross Domestic Product

A slump in imports is no good news for Japan.

Published quarterly by the Cabinet Office. Updated till the quarter of July-September 2019 (First Preliminary estimate published on November 14th, 2019).

Recent data trend

According to the Cabinet Office's preliminary estimate published on May 20, the Japanese economy grew by 0.5% quarter on quarter (QoQ) in the January-March quarter. The result was a positive surprise. According to Bloomberg's survey, economists were looking for -0.1% QoQ on average. In our view, the positive growth is rather superficial and there is a lot to despair in the GDP data than to rejoice. The reason the economy "grew" was due to the severe contraction in imports. In the quarter, imp...

To read more, please become a our Standard subscriber.

Start a subscription with 30-days Free Trial

If you are already a JMA subscriber please

Brief overview of "GDP"

Gross Domestic Product (GDP) measures the market value of economic activities within a country, in our case, Japan. It includes some non-market services such as government services and imputed rents for owner-occupied dwellings, but it generally does not include unpaid activities such as volunteer and unpaid housework.     

Japan’s GDP was 475.7 trillion yen in 2012. Using the average USD/JPY rate of 79.8 for 2012, it translates into 5.96 trillion USD, placing Japan as the third largest economy after U.S. (15.68 trillion USD) and China (8.22 trillion USD). Germany was the 4th largest with a GDP of 3.4 trillion USD. In Japan, private consumption accounts for 60.9% of its GDP, followed by government consumption (20.5%) and private non-residential investment (13.4%). Exports and imports account for 14.7% and 16.6% respectively.

Japan’s GDP has been on a declining trend since 1997 when it was 523.5 trillion yen. The decline is due to low real growth (0.6% per year on average between 1997-2012) and outright deflation (-1.2% per year on average between 1997-2012).

For more information, visit the official government page

Real GDP-Annual data

Source: Cabinet Office, JMA.

The Next Release Date:  Second Preliminary estimate for July-September 2019: December 9th, 2019.  

                                    First Preliminary estimate for October-December 2019: February 17th, 2020.









Suggested Pages

Bank lending growth steady around 2%

Japan''s bank credit is showing a steady expansion at around 2% year on year. Regional banks are more active in their credit provision, growing their loan books at 2.3% year on year (YoY) in October 2

View Page

Consumer Price Index

Consumer price inflation in Japan remains rather unexciting. In February 2019, overall CPI rose mere 0.2% year on year (YoY) and unchanged from January. The picture remains virtually unchanged even w

View Page

Unemployment Rate

In February 2019, the unemployment rate in Japan fell back to 2.3%, matching the recent low it reached in May 2018. 2.3% is the lowest level in Japan since January 1993. Despite the recent sign of a

View Page

Industrial Production

After three months of a plunge, industrial output in Japan recovered somewhat in February 2019, expanding by 0.7% month on month (MoM). The recovery is still small compared with the 3.6% slump in the

View Page