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Thomas Storring Director of Economics/Statistics
Tel: 902-424-2410Email: Thomas.Storring@novascotia.ca

December 10, 2018
JAPAN GDP 2018 Q3 (SECOND PRELIMINARY)

The Japanese economy posted another quarterly decline, falling at a seasonally adjusted annualized rate of 2.5 per cent in the second preliminary estimates for the third quarter of 2018. This is a downward revision compared to the preliminary estimate of a 1.2 per cent decline.  This follows an increase of 2.8 per cent for the second quarter and a decline of 1.3 per cent for the first quarter.  Despite declines in two of the last three quarters, Japan's economy was still 0.1 per cent larger in Q3 2018 than Q3 2017.                                                                                                

Japan's nominal GDP also declined, falling by 2.7 per cent in the third quarter, the largest decline since 2012 Q2.  Growth in overall prices (GDP deflator) remains subdued in Japan.

The recent contraction in the Japanese economy has been partially attributed to flood and earthquake events, affecting household consumption, investment and exports.  Declining real private consumption was again the main contributor to Japan's third quarter economic decline.  Non-residential and government investment declined, offsetting the rise in residential structures.  Although both imports and exports were down, exports fell at a faster rate.

Cabinet Office of Japan: Quarterly Estimates of GDP



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