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

June 10, 2024

The revised estimates indicate that the Japanese economy contracted at a seasonally adjusted annualized rate of 1.8% compared to the previously estimated at a decline of 2.0% in the first quarter of 2024 and a growth of 0.4% in fourth quarter of 2023, previously estimated at 0.0%. 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 rising inventory accumulation and public investment. Both exports and imports fell, but exports declined at a faster pace. 

Japan's nominal GDP was revised down to a growth of 0.1% (seasonally adjusted annualized rate) in Q1 2024. A downward revision was made to Japan's price deflator for real GDP (the broad measure of price growth) to have increased at a seasonally adjusted annualized rate of 2.3% in Q1 2024, previously estimated at 2.6%.

 Source: Cabinet Office of Japan, Quarterly Estimates of GDP

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