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December 09, 2024JAPAN GDP Q3 2024 (REVISED) 
Revised estimates indicate that the Japanese economy (real GDP) grew at a seasonally adjusted annualized rate of 1.2% in the third quarter of 2024 (revised up from 0.9%). Combined with the 2.2% growth rate from Q2, Japan's economy has delivered two consecutive quarters of real GDP growth, which has not happened since the first half of 2023.
Japan's economic growth came with a 2.7% growth in real household consumption along with a 0.6% rise in government consumption spending, 1.4% rise in residential investment, and a 4.5% increase in exports. These contributions to growth were offset by declining non-residential (-0.5%) and public investment (-4.3%) along with an 7.4% increase in imports.
Japan's nominal GDP was revised down to 1.8% (seasonally adjusted annualized rate) in Q3 2024, slowing from the 7.8% pace set in Q2 2024. The price deflator for Japan's real GDP (the broad measure of price growth) increased at a seasonally adjusted annualized rate of 0.4% in Q3 2024, decelerating from a 5.7% pace in Q2 2024.
Source: Cabinet Office of Japan, Quarterly Estimates of GDP
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