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

December 08, 2022

The Japanese economy shrunk in the third quarter of 2022, posting an annualized decrease of 0.8%. Japan's real GDP has fluctuated between growth and contraction in each of the last 8 quarters.  Japan's real GDP was 0.9% larger in 2022Q3 than it was at the pre-pandemic period (2019Q4).

In 2022Q3, contributions to real GDP increase came from higher household and government consumption, non-residential investment, government investment and exports. The downward trend in private residential investment continued. Imports, which are a subtraction in GDP calculations, were up in Q3 2022.

Japan's nominal GDP decreased by 2.9% (seasonally adjusted annualized rate) in 2022Q3.

Cabinet Office of Japan: Quarterly Estimates of GDP

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