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February 13, 2017JAPAN GDP 2016 Q4 (FIRST PRELIMINARY) Japan's real GDP increased by 1.0 per cent in the fourth quarter of 2016 (seasonally adjusted annualized rates). Although this makes four consecutive quarters of real GDP growth, the pace of growth has been decelerating since the first quarter. Japan has not reported four consecutive quarters of real GDP growth since 2012-2013.
Nominal GDP growth has been little faster than real GDP growth as price growth remains persistently slow in Japan. Nominal GDP grew at a rate of 1.2 per cent (SAAR) in the fourth quarter of 2016.
Japan's fourth quarter real GDP growth results primarily from rising exports, government consumption and private residential as well as non-residential investments. Private household consumption spending was flat, government investments were down and imports were up (but not as fast as export growth). Inventory accumulation also slowed for Japan in Q4.
On an annual basis, Japan's real GDP increased by 1.0 per cent in 2016, continuing from the pace of 1.2 per cent in 2015. Nominal GDP growth was 1.3 per cent in 2016, as price growth slowed after Japan's nominal GDP grew by 3.3 per cent in 2015.
Cabinet Office of Japan: Quarterly Estimates of GDP
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