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Thomas Storring Director of Economics/Statistics
Tel: 902-424-2410Email:

February 14, 2018

Japan's real GDP increased by 0.5 per cent in the fourth quarter of 2017 (seasonally adjusted annualized rates) according to the first preliminary estimate released by the Government of Japan's Economic and Social Research Institute. Growth was 2.2 per cent in Q3 and 2.5 per cent in Q2. This marks the eighth consecutive quarter of real GDP growth, the longest period of consecutive growth since 1989.

Nominal GDP declined 0.1 per cent in Q4 as price growth remains weak in Japan.

Real private consumption, at around 55 per cent of total GDP, continued an upward trend with an increase of 1.9 per cent in the quarter; government consumption was down 0.5 per cent. Investments were mixed with residential (-10.2%) and public investment (-2.1%) declining while non-residential (+2.8%) increased. Exports increased 10.0 per cent and imports increased 12.0 per cent.

Real GDP growth in Japan in 2017 was 1.7 per cent, the fastest pace since 2013. Growth in private consumption was up 1.1 per cent after two years of close to zero per cent growth. Residential investment grew 2.7 per cent and non-residential investment was up 2.8 per cent. Export growth accelerated with growth of 6.8 per cent in 2017 while imports were up 3.6 per cent.

Nominal GDP growth at 1.4 per cent was slower than real GDP growth for first time in four years.




Cabinet Office of Japan: Quarterly Estimates of GDP

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