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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

May 16, 2024

The first preliminary estimates indicate that the Japanese economy contracted at a seasonally adjusted annualized rate of 2.0% in the first quarter of 2024. Japan's economy has not registered significant real GDP growth since the second quarter of 2023.

Japan's economic contraction came with a fourth consecutive decline in real household consumption. Residential investment was down, as were private non-residential investments.  These were offset by risng inventory accumulation and public investment.   Both exports and imports fell, but exports declined at a faster pace.  

Japan's nominal GDP was revised up grew by 0.4% (seasonally adjusted annualized rate) in Q1 2024.  Japan's price deflator for real GDP (the broad measure of price growth) increased at a seasonally adjusted annualized rate of 2.6% in Q1 2024.

 Source: Cabinet Office of Japan, Quarterly Estimates of GDP

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