Japan Q1 Growth Rate -0.5%... Annualized -2.0%
Japan's economic growth rate turned negative after two quarters.
On the 16th, Japan's Cabinet Office announced that the preliminary real Gross Domestic Product (GDP) for the first quarter decreased by 0.5% compared to the previous quarter. On an annualized basis, it recorded -2.0%.
This marks negative growth after two quarters. The Nihon Keizai Shimbun reported that this growth rate represents a larger decline than the market forecast (annualized -1.5%). Japan's real GDP turned negative at -0.9% in the third quarter of last year and recorded 0.0% in the fourth quarter of the same year.
Nominal GDP for the first quarter increased by 0.1%. On an annual basis, it grew by 0.4%.
Personal consumption decreased by 0.7% compared to the previous quarter, and exports fell by 5.0%. Corporate capital investment and housing investment recorded -0.8% and -2.5%, respectively.
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Meanwhile, Japan's real GDP for 2023, released together, increased by 1.2%, showing positive growth for the third consecutive year.
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