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June 10, 2025JAPAN GDP Q1 2025 (PRELIMINARY) 
First estimates indicate that the Japanese economy (real GDP) contracted at a seasonally adjusted annualized rate of -0.2% in the first quarter of 2025.
Japan's economic contraction came from a decline in government consumption (-2.0%), a decline in public investment (-2.5%), a decline in exports (-2.2%), and an increase in imports (12.7%). This was offset slightly by increase in household consumption (+0.5%), residential investment (+5.6%), and non-residential investment (+4.4%).
Japan's nominal GDP was estimated at 3.6% (seasonally adjusted annualized rate) in Q1 2025, decelerating from the 4.6% pace set in Q4 2024. The price deflator for Japan's real GDP (the broad measure of price growth) increased at a seasonally adjusted annualized rate of 4.0% in Q1 2025, accelerating from a 2.2% pace in Q4 2024.
Source: Cabinet Office of Japan, Quarterly Estimates of GDP
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