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February 16, 2021JAPAN GDP 2020 Q4 AND ANNUAL (FIRST PRELIMINARY) 
The Japanese economy increased for the second straight quarter in 2020 Q4, posting a seasonally adjusted annualized gain of 12.7%. The increase in Q4 followed a gain of 22.7% in Q3 and a decline of 29.3% in Q2.
Japan’s nominal GDP increased 10.5% in Q4 2020 (seasonally adjusted annualized rate).
The increase in Japan’s GDP in Q4 was supported by gains in both household and government consumption, as well as private and public investment. Exports and imports were also up for the quarter.
Annual
Japan's real GDP decreased 4.8% in 2020. This was the first contraction in the Japanese economy since 2009. Nominal GDP fell 3.9% in 2020.
A seasonally adjusted annualized rate shows what the percent change would be if the quarterly rate continued for a full year, by compounding the quarterly rate four times. Reporting annualized rates facilitates comparability between annual and quarterly growth but can exaggerate change when series are volatile. The COVID-19 shock does not indicate an expansion of Japan's GDP by 12.7%. It would take four quarters of compounded growth at the same pace as reported in Q4 to increase Japan's GDP by 12.7%. Compared to the Q4 2019, real GDP for Japan was down 1.1% in Q4 2020. Real GDP for Japan in Q4 2020 increased 3.0% compared to Q3 2020.
Cabinet Office of Japan: Quarterly Estimates of GDP: Real, Nominal
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