The Japanese economy expanded 2.9% on an annualized basis in Q2 of 2024, compared with a preliminary reading of 3.1% growth and market estimates of 3.2%. While coming slightly less than initially thought, the latest figures were a turnaround from a marginally revised 2.4% contraction in Q1, also marking the strongest yearly expansion since Q1 of 2023, amid a solid rebound in private consumption after spring wage negotiations saw an average pay raise of 5.17%, the highest in over thirty years. In addition, there was an upturn in business spending, supported by the ongoing recovery in the automotive industry following some scandals involving big automakers. In the meantime, government spending continued to grow. source: Cabinet Office, Japan

GDP Growth Annualized in Japan increased to 2.90 percent in the second quarter of 2024 from -2.30 percent in the first quarter of 2024. GDP Growth Annualized in Japan averaged 1.84 percent from 1980 until 2024, reaching an all time high of 24.10 percent in the third quarter of 2020 and a record low of -27.60 percent in the second quarter of 2020. This page provides the latest reported value for - Japan GDP Growth Annualized - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Japan GDP Growth Annualized - data, historical chart, forecasts and calendar of releases - was last updated on October of 2024.

GDP Growth Annualized in Japan increased to 2.90 percent in the second quarter of 2024 from -2.30 percent in the first quarter of 2024. GDP Growth Annualized in Japan is expected to be 1.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Japan GDP Growth Annualized is projected to trend around 2.30 percent in 2025 and 2.40 percent in 2026, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-08-14 11:50 PM GDP Growth Annualized Prel Q2 3.1% -2.3% 2.1% 2.3%
2024-09-08 11:50 PM GDP Growth Annualized Final Q2 2.9% -2.4% 3.2% 3.1%
2024-11-14 11:50 PM GDP Growth Annualized Prel Q3 3.1% 1.1%


Related Last Previous Unit Reference
GDP Annual Growth Rate -1.00 -0.90 percent Jun 2024
GDP Constant Prices 558061.20 554141.40 JPY Billion Jun 2024
GDP from Agriculture 5694.10 5135.00 JPY Billion Dec 2022
GDP from Construction 27112.90 28905.10 JPY Billion Dec 2022
GDP from Manufacturing 119500.70 120738.70 JPY Billion Dec 2022
GDP from Mining 293.10 337.90 JPY Billion Dec 2022
GDP from Public Administration 27694.40 27401.70 JPY Billion Dec 2022
GDP from Services 20017.00 19858.70 JPY Billion Dec 2022
GDP from Transport 24596.80 21537.50 JPY Billion Dec 2022
GDP from Utilities 17299.60 16286.10 JPY Billion Dec 2022
GDP Growth Annualized 2.90 -2.30 percent Jun 2024
GDP Growth Rate 0.70 -0.60 percent Jun 2024
GDP Capital Expenditure 137809.60 135716.70 JPY Billion Jun 2024
Gross National Product 584847.10 577594.80 JPY Billion Jun 2024

Japan GDP Growth Annualized
GDP Annualized Growth Rate shows the gdp growth that would be registered if the quarter-on-quarter rate of change were maintained for a full year.
Actual Previous Highest Lowest Dates Unit Frequency
2.90 -2.30 24.10 -27.60 1980 - 2024 percent Quarterly
SA, Constant Prices


News Stream
Japan Economy Expands at Annualized 2.9% in Q2
The Japanese economy expanded 2.9% on an annualized basis in Q2 of 2024, compared with a preliminary reading of 3.1% growth and market estimates of 3.2%. While coming slightly less than initially thought, the latest figures were a turnaround from a marginally revised 2.4% contraction in Q1, also marking the strongest yearly expansion since Q1 of 2023, amid a solid rebound in private consumption after spring wage negotiations saw an average pay raise of 5.17%, the highest in over thirty years. In addition, there was an upturn in business spending, supported by the ongoing recovery in the automotive industry following some scandals involving big automakers. In the meantime, government spending continued to grow.
2024-09-09
Japan Economy Expands at Annualized 3.1% in Q2
The Japanese economy grew by 3.1% on an annualized basis in Q2 of 2024, exceeding market consensus of 2.1% while shifting from a 2.3% contraction in Q1, a preliminary figure showed. It was the strongest yearly expansion since Q2 of 2023, mainly supported by a strong rebound in private consumption after spring wage negotiations saw an average pay raise of 5.17% in the country, the highest in more than three decades. Moreover, there was a bounce back in business spending, helped by the ongoing recovery in the automotive industry following some scandals involving big automakers. In the meantime, government spending was sluggish while net trade contributed negatively for the second consecutive quarter.
2024-08-15
Japan GDP Falls Less than Initially Thought
The Japanese economy contracted 1.8% on an annualized basis in Q1 of 2024, compared with a preliminary reading of a 2.0% fall and after an upwardly revised 0.4% growth in Q4. Figures came slightly above market forecasts of a 1.9% decline, as a fall in business spending was not as severe as initially anticipated. At the same time, private consumption remained weak, declining for the fourth consecutive quarter and pointing to the steepest decline in three quarters, due to elevated price pressure, tepid wage growth, and the impact of an earthquake on the first day of the year. Further, external demand deteriorated, with exports falling faster than imports. That's compared with a positive contribution from net trade in the previous period. Simultaneously, government spending was muted.
2024-06-10