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March 11, 2024JAPAN GDP Q4 2023 (SECOND PRELIMINARY) 
The second estimates indicate that the Japanese economy grew at a seasonally adjusted annualized rate of 0.4% in the fourth quarter of 2023. Revised estimates now show that Q1 real GDP grew at 4.0% and 4.2% in Q2, then declined at 3.2% in Q3 2023.
Japan's economic contraction came with a third consecutive decline in real household consumption. Residential investment was down, as were government investment and inventory accumulation, while non-residential investments grew in the fourth quarter. Both exports and imports rose, but exports grew at a faster pace.
Japan's nominal GDP was revised up to a growth of 2.1% (seasonally adjusted annualized rate) in Q4 2023. Second estimates also show that nominal GDP declined 0.1% in the third quarter. Japan's price deflator for real GDP (the broad measure of price growth) increased at a seasonally adjusted annualized rate of 1.9% (revised from a 1.5%) in Q4 2023.
Annual (2023 vs 2022)
Real GDP in Japan increased by 1.9% in 2023 from 2022. Nominal GDP saw a signifficant increase (+5.7%) compared to 2022 in part due to a rising inflation for 2023.
Cabinet Office of Japan: Quarterly Estimates of GDP
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