March 8, 2019

Japan Nominal GDP

Private capital expenditure adding fuel to growth.

Published quarterly by the Cabinet Office. Updated till the quarter of Oct-Dec 2018 (Second Preliminary estimate published on March 8th, 2019).

Recent data trend

The revised estimate for the April-June quarter GDP published on September 10 shows that the Japanese economy grew by 0.7% quarter on quarter (QoQ), up from 0.5% QoQ in the initial estimate. A significant upward revision in the private capital expenditure growth boosted the overall growth rate. The contents of the quarterly growth show that it was a domestic demand-led recovery. Private capital expenditure grew at 3.1% QoQ, the fastest quarterly growth in more than 3 years. It was also the 7t...

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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

Nominal GDP-Annual data

Source: Cabinet Office, JMA.

Next release date:   First Preliminary estimate for Jan-Mar 2019: May 20th, 2019.

                            Second Preliminary estimate for Jan-Mar 2019: June 8th, 2019.