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November 17, 2025JAPAN GDP Q3 2025 (FIRST PRELIMINARY) 
First estimates indicate that the Japanese economy (real GDP) contracted at a seasonally adjusted annualized rate of 1.8% in the third quarter of 2025. This was the first quarter of decline since Japan's economy recovered from recession in mid-2024.
Real GDP contraction in the third quarter came from a sharp decline in residential investment (-32.5%, seasonally adjusted annualized rate) along with a 4.5% decline in exports. Household consumption growth slowed to 0.5% while government consumption spending was up 2.1%. Non-residential investment grew by 4.2% while public investment was up 0.5%. Falling imports (-0.4%) offset some of the decline in exports.
Japan's nominal GDP growth slowed to 0.5% (seasonally adjusted annualized rate) in Q3 2025, down from 6.5% in Q2 2025. The price deflator for Japan's real GDP (the broad measure of price growth) increased at a seasonally adjusted annualized rate of 2.5% in Q3 2025, slowing from 4.0% in the second quarter.
Source: Cabinet Office of Japan, Quarterly Estimates of GDP
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