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February 15, 2022JAPAN GDP 2021 Q4 AND ANNUAL (FIRST PRELIMINARY) 
The Japanese economy returned to growth in the fourth quarter of 2021, posting a seasonally adjusted annualized growth of 5.4%. Throughout 2021, Japan's real GDP has alternated between growth and contraction. Japan's real GDP remains slightly smaller (-0.2%) in Q4 2021 than it was at the pre-pandemic period (Q4 2019).
In Q4 2021, contributions to growth came from a sharp increase in household consumer spending, rising exports and a small increase in non-residential investment. These contributions to growth were partially offset by falling residential and public investments, rising imports and a drawdown of inventories.
Japan's nominal GDP increased by 2.0% (seasonally adjusted annualized rate) in Q4 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. Japan's real GDP grew by 1.3% from Q3 2021 to Q4 2021 (seasonally adjusted, non-annualized).
ANNUAL (2021 vs 2020)
Despite alternating between growth and contraction, Japan's real GDP increased by 1.7% in 2021, rebounding from contractions in 2019 and (especially) 2020. Japan's nominal GDP increased by 0.8% in 2021.
Cabinet Office of Japan: Quarterly Estimates of GDP
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