May 16,2018

Japan Real Gross Domestic Product

A wake-up call for Japanese policymakers.

Published quarterly by the Cabinet Office. Updated till the quarter of Jan-Mar 2018 (First Preliminary estimate published on May 16th, 2017).

Recent data trend

The Japanese economy shrunk by 0.2% quarter on quarter in the January-March quarter, first negative growth in 9 quarters. The negative print ended Japan's eight quarters of positive growth streak. The weakness was mainly due to the domestic demand component of the economy. The private consumption had zero growth in the quarter and the private residential investment shrunk for the third quarter in a row. The housing demand fueled by the low-interest rate environment seems to be suffering from a...

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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 Jan-March 2018: June 8th, 2018.

                                    First Preliminary estimate for Apr-June 2018: August 13th, 2018.






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