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December 08, 2021JAPAN GDP 2021 Q3 (SECOND PRELIMINARY) 
The Japanese economy declined in the third quarter of 2021, posting a revised seasonally adjusted annualized decline of 3.6%. This is revised from the first preliminary estimate of -3.0%. The slowdown in economic activity followed a 2.0% growth in Q2 and a 2.9% decline in Q1 2021. Japan's real GDP remains 1.9% smaller in Q3 2021 than it was at the pre-pandemic period (Q4 2019).
In Q3 2021, contributions to decline came from residential and non-residential investment, household consumption, public investment and exports. Government consumption was up for the quarter. Imports declined from the previous quarter.
Japan's nominal GDP declined by 4.1% (seasonally adjusted annualized rate) in Q3 2021.
A seasonally adjusted annualized rate shows what the percent change would be if the quarterly rate continued for a full year, by compounding the quarterly rate four times. Reporting annualized rates facilitates comparability between annual and quarterly growth but can exaggerate change when series are volatile. The COVID-19 shock does not indicate a decline of Japan's GDP by 3.6%. It would take four quarters of compounded growth at the same pace as reported in Q3 to decrease Japan's GDP by 3.6%. Japan's real GDP declined 0.9% from Q2 2021 to Q3 2021 (seasonally adjusted, non-annualized).
Cabinet Office of Japan: Quarterly Estimates of GDP
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