Japan’s Q1 GDP revised upward, but domestic weakness persists
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Japan’s economy performed slightly better than initially thought in the first quarter of 2024. According to the Cabinet Office’s Economic and Social Research Institute, GDP was flat on a quarterly basis, improving from the preliminary estimate of a 0.2% contraction. In the previous quarter, the economy had grown by 0.6%.
On an annualized basis, GDP was revised to -0.2%, up from the preliminary -0.7%, though still sharply lower than the +2.2% recorded in Q4 2023.
Private consumption remains weak, rising just 0.1%—a modest gain but still an improvement over initial estimates. Business investment grew by 1.1%, below the earlier figure of 1.4%. External demand, meanwhile, was confirmed to have declined by 0.8%, continuing to drag on overall growth.
On an annualized basis, GDP was revised to -0.2%, up from the preliminary -0.7%, though still sharply lower than the +2.2% recorded in Q4 2023.
Private consumption remains weak, rising just 0.1%—a modest gain but still an improvement over initial estimates. Business investment grew by 1.1%, below the earlier figure of 1.4%. External demand, meanwhile, was confirmed to have declined by 0.8%, continuing to drag on overall growth.