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March 09, 2020JAPAN GDP 2019 Q4 (SECOND PRELIMINARY) 
The Japanese economy declined sharply in Q4 with a revised decline (seasonally adjusted annualized rate) of 7.1 per cent, down from a preliminary estimate of -6.3 per cent. Japan increased the value added sales tax from 8 to 10 per cent in October.
Japan's nominal GDP was down 5.8 per cent in Q4 2019, revised down from -4.9 per cent .
Japan's declining GDP is attributable to declining household consumption as well as residential and nonresidential investment. A similar distortion in household consumption was observed around the time of the previous increase in sales tax in April 2014. Exports also declined in Q4, but imports declined faster. Government consumption and investment spending were up in the last quarter.
Annual
In 2019, the Japanese economy grew in 0.7 per cent in real terms and 1.2 per cent in nominal terms. Although there have been episodes of declining GDP on a quarterly basis in 2015, 2018 and 2019 Japan's real GDP has been growing in each year since 2011.
Cabinet Office of Japan: Quarterly Estimates of GDP: Real, Nominal; Annual Estimates of GDP: Real, Nominal
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