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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

August 17, 2020


The Japanese economy declined sharply in Q2 with a seasonally adjusted annualized decrease of 27.8 per cent.

Japan's nominal GDP was down 26.4 per cent in Q2 2020 (seasonally adjusted annualized rate).    



Japan's declining GDP is attributable to declining household and government consumption, as well as decreased residential and non-residential investment. Exports and imports also declined in Q2 2020. Public investment was up in Q2.  



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. Real GDP for Japan in Q2 2020 contracted 10.0 per cent compared to Q2 2019.


Cabinet Office of Japan: Quarterly Estimates of GDP: Real, Nominal

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