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Japan Q1 GDP Shrinks Less than Initially Thought
The Japanese economy shrank 1.0% on quarter in Q1 2021, compared with the initial estimate of a 1.3% fall and market estimates of a 1.2% drop and after a 2.8% growth in Q4. This was the first contraction since Q2 2020, amid a resurgence of COVID-19 cases and slow vaccine rollouts, with capital expenditure falling less than initially anticipated (-1.2% vs -1.4% in the preliminary estimate and after gaining 4.3% in Q4). Meantime, private consumption dropped for the first time in three quarters (-1.5% vs -1.% in the initial reading and after rising 2.2% in Q4), government spending declined for the first time in a year (-1.1% vs 1.8% in the preliminary data and after increasing 1.8% in Q4), and public investment shrank for the first time in seven quarters (-0.5% vs -1.1% in the flash reading and after increasing 1.3% in Q4). At the same time, net external demand subtracted 0.2 percentage points from growth as exports rose 2.2% while imports grew at a faster 3.9%.
Published on 2021-06-08

Japan Q1 GDP Contracts More than Estimated
The Japanese economy shrank 1.3% on quarter in Q1 2021, compared with market estimates of a 1.2% fall and after a 2.8% growth in the previous period, a preliminary reading showed. This was the first contraction since Q2 2020, amid a resurgence of COVID-19 cases and slow vaccine rollouts. Private consumption fell for the first time in three quarters (-1.4% vs 2.2% in Q4), government spending dropped for the first time in a year (-1.8% vs 1.8), and public investment declined for the first time in seven quarters (-1.1 percent vs 1.1 percent). Also, capital expenditure shrank 1.4 percent, swinging from a 4.3 percent growth in Q4. At the same time, net external demand subtracted 0.2 percentage points from growth as exports rose 2.3% while imports grew at a faster 4%. On an annualized basis, the economy contracted 5.1% in Q1, worse than consensus of a 4.6% drop and reversing from a downwardly revised 11.6% expansion in Q4.
Published on 2021-05-17

Japan GDP Growth Revised Down to 2.8% QoQ
The Japanese economy advanced a downwardly revised 2.8 percent on quarter in the three months to December of 2020, following a 5.3 percent growth in the previous period and compared to a preliminary reading of 3 percent. Capital expenditure rose by 4.3 percent (vs -2.4 percent in Q3) and household consumption advanced by 2.2 percent (vs 5.1 percent in Q3). At the same time, net external demand contributed positively to the GDP as exports jumped 11.1 percent and imports were up at a slower 4 percent, while there were increases in both government consumption (1.8 percent vs 2.9 percent) and public investment (1.5 percent vs 0.9 percent). On an annualized basis, GDP expanded 11.7 percent in the quarter following a 22.9 percent growth and disappointing expectations of a 12.8 percent increase.
Published on 2021-03-09

Japan Q4 GDP Growth Beats Estimates
The Japanese economy advanced 3.0 percent on quarter in the three months to December of 2020, following a 5.3 percent growth in the previous period and beating market estimates of a 2.3 percent expansion, a preliminary reading showed. Gross fixed capital formation rebounded (3.2 percent vs -2.2 percent in Q3) while both private consumption (2.2 percent vs 5.1 percent in Q3) and public spending (2.0 percent vs 2.8 percent) grew at a softer pace. Net trade contributed positively to growth, as exports jumped 11 percent (from 7.4 percent in Q3) while imports increased 4.1 percent (from -8.2 percent in Q3). For the whole of 2020, the world's third-largest economy shrank 4.8 percent, marking the first contraction since 2009.
Published on 2021-02-14

Japan Economy Rebounds at Record Pace
The Japanese economy advanced a record 5.3 percent on quarter in the three months to September of 2020, better than the initial estimate of a 5 percent expansion, and recovering from a revised 8.3 percent slump in the previous period. Private consumption rebounded firmly (5.1 percent vs -8.3 percent in Q2) while public spending rose at a faster pace (2.8 percent vs 0.3 percent). At the same time, gross fixed capital formation contracted at a much softer rate (-2.3 percent vs -3.2 percent). Net trade contributed positively to growth, as exports increased 7.0 percent (from -17.1 percent in Q2) while imports dropped 8.8 percent (from 1.4 percent in Q2).
Published on 2020-12-08

Japan Q3 GDP Rebounds from Record Slump
The Japanese economy advanced 5 percent on quarter in the three months to September 2020, partially recovering from a record slump of 8.2 percent in the previous period and beating market consensus of 4.4 percent, a preliminary estimate showed. This was the first quarterly growth rate in a year, as activity and demand rebounded from the severe damage caused by the COVID-19 crisis. Private consumption rose for the first time in four quarters (4.7 percent vs -8.1 percent in Q2), while capital expenditure contracted at a softer pace (-3.4 percent vs -4.5 percent). In addition, net external demand added 2.9 percentage points to the GDP as exports grew for the first time in three quarters (7 percent vs -17.4 percent) while imports tumbled (-9.8 percent vs 2.2 percent). On an annualized basis, the economy grew at a record 21.4 percent in Q3, after a record plunge of 28.8 percent in Q2.
Published on 2020-11-16

Japan GDP Plunges More than Estimated
The Japanese economy shrank 7.9% on quarter in Q2 2020, compared with the preliminary reading of a 7.8% decline and market consensus of an 8.1% drop, and after a 0.6% fall in Q1. This was the third straight quarter of contraction and the steepest on record, amid the severe impact of the COVID-19 crisis. Private consumption tumbled, falling for the third straight quarter (-7.9% vs -0.7% in Q1); government spending dropped the most in four years (-0.6% vs flat reading); and capital expenditure slumped (-4.7% vs 1.7% gain in Q1) and worse than estimates of a 3.1% fall. In addition, net external demand subtracted 3.0 percentage points off growth, with exports falling the most since Q1 2009 (-18.5% vs -5.4% in Q1) and imports declining for the third straight quarter (-0.5% vs -4.2%). On an annualized basis, the economy collapsed at a record 28.1% in Q2, compared with forecasts of a 28.6% slump.
Published on 2020-09-08

Japan Q2 GDP Plunges at Record Pace
The Japanese economy shrank 7.8 percent on quarter in the three months to June 2020, compared with market forecasts of a 7.6 percent decline, and after a 0.6 percent fall in the previous period, a preliminary estimate showed. This was the third straight quarter of contraction and the steepest on record, amid the severe impact of the COVID-19 crisis. There were declines in private consumption (-8.2 percent vs -0.8 percent in Q1), capital expenditure (-1.5 percent vs 1.7 percent), and government spending (-0.3 percent vs flat reading). In addition, net external demand subtracted 3.0 percentage points off growth, with exports falling the most since Q1 2009 (-18.5 percent vs -5.4 percent) and imports dropping for a third straight quarter (-0.5 percent vs -4.2 percent). On an annualized basis, the economy collapsed 27.8 percent in the June quarter, the deepest on record, compared to consensus of a 27.2 percent slump.
Published on 2020-08-17

Japan Q2 GDP Contracts 0.6% QoQ
The Japanese economy shrank 0.6 percent on quarter in the three months to March 2020, unrevised from the preliminary estimate, and following a 1.9 percent fall in the previous period. This was the first recession since 2015, as the COVID-19 crisis took a huge toll on activity and demand. Private consumption fell for the second straight quarter (-0.8 percent vs -3.0 percent in Q4), while government spending was flat (vs 0.2 percent in Q4) and public investment dropped for the first time in five quarters (-0.6 percent vs 0.5 percent). Net external demand subtracted 0.2 percentage points from growth as exports fell more than imports. Meanwhile, capital expenditure rose by 1.7 percent, compared with a 4.8 percent drop in Q4. On an annualized basis, the economy contracted 2.2 percent in the first quarter.
Published on 2020-08-03

Japan GDP Contracts Less than Expected in Q1
The Japanese economy shrank 0.6% on quarter in Q1 2020, compared with the preliminary estimate of a 0.9% contraction and market consensus of a 0.5% decline. This was the first recession since 2015, as the COVID-19 crisis took a huge toll on activity and demand. Private consumption fell slightly more than anticipated (-0.8% vs -0.7% in the preliminary estimate), while there was a significant upward revision of capital expenditure (1.9% vs -0.5%). Meantime, government spending was flat (vs 0.1% in the preliminary estimate), with public investment dropping for the first time in five quarters (-0.6%). At the same time, net external demand subtracted 0.2 percentage points from growth as exports (-6%) fell more than imports (-4.9%). On an annualized basis, the economy contracted 2.2 % in Q1, less than the initial reading of a 3.4% contraction and compared with consensus of a 2.1% fall.
Published on 2020-06-07

Japan Economy Slips into Recession
The Japanese economy shrank 0.9 percent on quarter in the three months to March 2020, entering a recession for the first time since 2015 and compared with market expectations of a 1.2 percent decline, a preliminary estimate showed, as the COVID-19 crisis took a huge toll on activity and demand. There were declines in both private consumption (-0.7 percent vs -2.9 percent in Q4) and capital expenditure (-0.5 percent vs -4.8 percent), while government spending rose the least in a year (0.1 percent vs 0.2 percent) and public investment dropped for the first time in five quarters (-0.4 percent vs 0.5 percent). In addition, net external demand subtracted 0.2 percentage points from growth as exports fell more than imports.
Published on 2020-05-17

Japan GDP Contracts More than Anticipated
The Japanese economy shrank 1.8 percent on quarter in the three months to December 2019, compared to the preliminary estimate of a 1.6 percent contraction and market consensus of a 1.7 percent decline. This was the steepest GDP fall since the second quarter of 2014, as private consumption went down 2.8 percent, following October's sales tax hike. In addition, business spending tumbled 4.6 percent, the most since the first quarter of 2009, while government spending rose 0.2 percent, the least in three quarter, and public investment growth eased to a year low of 0.7 percent. Meanwhile, net external demand added 0.5 percentage points to growth as exports fell less than imports.
Published on 2020-03-09

Japan Economy Shrinks the Most Since 2014
The Japanese economy shrank 1.6 percent on quarter in the last three months of 2019, following a downwardly revised 0.1 percent growth in the previous three-month period and compared to market consensus of a 0.9 percent contraction, a preliminary estimate showed. It was the steepest fall in GDP since the second quarter of 2014, as private consumption fell 2.9 percent, the first period of decline in over a year following October's sales tax hike. In addition, business spending tumbled 3.7 percent, the most since the third quarter of 2018. Government spending rose at a softer pace (0.2 percent vs 0.7 percent), as well as public investment (1.1 percent vs 1.2 percent). Meanwhile, net external demand added 0.5 percentage points to growth as exports fell less than imports.
Published on 2020-02-17

Japan Q3 GDP Growth Revised Higher
Japan's quarterly economic growth was revised higher to 0.4 percent in the third quarter of 2019 from a preliminary estimate of 0.1 percent and above market expectations of 0.2 percent. Private consumption and capital expenditure increased faster than initially thought while net external demand contributed negatively to the expansion. On an annualized basis, the economy grew 1.8 percent in July-September, much more than the initial estimate of a 0.2 percent expansion and easily beating market expectations of 0.7 percent.
Published on 2019-12-09

Japan Q3 GDP Growth Weakest in a Year
The Japanese economy advanced 0.1 percent quarter-on-quarter in the three months to September 2019, missing market expectations of a 0.2 percent expansion and following a revised 0.4 percent growth in the previous period, a preliminary estimate showed. This marked the weakest pace of quarterly expansion since a 0.5 percent contraction in the September quarter last year, mainly due to a slowdown in household consumption and a negative contribution from net exports. On an annualized basis, the economy expanded 0.2 percent in the third quarter, after an upwardly revised 1.8 percent expansion in the June quarter and below consensus of a 0.8 percent advance.
Published on 2019-11-14

Japan Q2 GDP Growth Revised Lower to 0.3%
Japan's quarterly economic growth was revised lower to 0.3 percent in the second quarter of 2019 from a preliminary estimate of 0.4 percent and compared to the previous period's 0.5 percent growth. There was a sharp downward revision of capital expenditure amid weakness in the global economy and worsening trade protectionism. On an annualized basis, the economy grew 1.3 percent in the second quarter, weaker than the preliminary reading of 1.8 percent and after a revised 2.2 percent expansion in the previous quarter.
Published on 2019-09-09

Japan Q2 GDP Growth Beats Estimates
The Japanese economy advanced 0.4 percent quarter-on-quarter in the three months to June 2019, easily beating market expectations of a 0.1 percent expansion and following an upwardly revised 0.7 percent growth in the previous period, a preliminary estimate showed. This marked the third straight quarter of GDP expansion, supported by robust private consumption and solid business investment while exports declined. On an annualized basis, the economy grew by 1.8 percent in the second quarter, after an upwardly revised 2.8 percent expansion in the March quarter and far above estimates of a 0.4 percent advance.
Published on 2019-08-09

Japan Q1 GDP Growth Revised Higher to 0.6%
The Japanese economy advanced 0.6 percent quarter-on-quarter in the first quarter of 2019, stronger than a preliminary estimate of 0.5 percent and after an upwardly revised 0.5 percent growth in the previous period. Net exports contributed positively to the GDP growth for the first time in four quarters, while there was a substantial upward revision to capital expenditure. On an annualized basis, the economy grew 2.2 percent in the first quarter, better than a preliminary figure of 2.1 percent and following an upwardly revised 1.8 percent advance in the previous quarter.
Published on 2019-06-10

Japan Economy Unexpectedly Grows in Q1
The Japanese economy grew by 0.5 percent quarter-on-quarter in the three months to March 2019, easily beating market expectations of a 0.1 percent contraction and following a downwardly revised 0.4 percent advance in the previous period, a preliminary estimate showed. The expansion was mainly supported by net export gains, as imports fell faster than exports, while there were concerns about weak household consumption ahead of a looming sales tax rise. On an annualized basis, the economy grew by 2.1 percent in the first quarter, also defying market forecasts of a 0.2 percent contraction.
Published on 2019-05-20

Japan Q4 GDP Growth Revised Higher to 0.5%
The Japanese economy advanced 0.5 percent quarter-on-quarter in the December quarter 2018, stronger than the preliminary estimate of a 0.3 percent expansion and recovering from a downwardly revised 0.6 percent contraction in the third quarter. The latest GDP reading was above market expectations of a 0.4 percent growth, supported by a rebound in household consumption and an upward revision of business spending following a series of natural disasters. On an annualized basis, the economy grew 1.9 percent, faster than the preliminary figure of 1.4 percent, slightly above forecasts of a 1.8 percent expansion and rebounding from a downwardly revised 2.4 percent contraction in the previous quarter.
Published on 2019-03-08