Japan GDP Rises 1.9% in 2023

2024-02-15 10:10 By Joana Taborda 1 min. read

The Japanese economy expanded 1.9% in the 2023 year, surpassing the 1% growth seen in 2022.

This expansion was primarily driven by improvements in public investment (2.8% vs -9.6%), private investment in residential (1.1% vs -3.5%) and non-residential (1.3% vs 1.9%) sectors, as well as net trade.

While exports observed a rise (3% vs 5.3%), imports experienced a decline (-1.3% vs 7.9%).

Notwithstanding the overall stronger growth for the year, the economy contracted in Q3 and Q4 of 2023.

Additionally, due to a devalued yen, the nominal GDP stood at JPY 591.482 trillion or approximately $3.93 trillion, at current exchange rates.

As a result, Japan now holds the position of the fourth largest economy globally, surpassed by Germany as the third largest.



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