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August 17, 2021JAPAN GDP 2021 Q2 (FIRST PRELIMINARY) 
The Japanese economy grew in the second quarter of 2021, posting a seasonally adjusted annualized increase of 1.3%. Growth followed a decline of 3.7% in Q1 and growth of 11.9% in Q4 2020. Despite ongoing pandemic restrictions, investment and consumption rebounded in the second quarter. Japan's real GDP remains 1.5% smaller in Q2 2021 than it was at the pre-pandemic period (Q4 2019).
In Q2 2021, contributions to growth came from household and government consumption, residential and non-residential investment and rising exports. Public investment was down and imports grew for the quarter.
Japan's nominal GDP grew by 0.2% (seasonally adjusted annualized rate) in Q2 2021.
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 increase of Japan's GDP by 1.3%. It would take four quarters of compounded growth at the same pace as reported in Q1 to reduce Japan's GDP by 1.3%.
Cabinet Office of Japan: Quarterly Estimates of GDP
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