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February 18, 2025JAPAN GDP Q4 & ANNUAL 2024 (PRELIMINARY) 
First estimates indicate that the Japanese economy (real GDP) grew at a seasonally adjusted annualized rate of 2.8% in the fourth quarter of 2024. Combined with the 1.7% growth rate from Q3, Japan's economy has delivered three consecutive quarters of real GDP growth.
Japan's economic growth came with a 0.5% growth in real household consumption along with a 1.1% rise in government consumption spending, 0.4% rise in residential investment, 1.9% rise in non-resiential investments, a 4.3% increase in exports and a 8.0% decline in imports. These contributions to growth were offset by declining public investment (-1.3%).
Japan's nominal GDP was estimated at 5.1% (seasonally adjusted annualized rate) in Q4 2024, accelerating from the 3.0% pace set in Q3 2024. The price deflator for Japan's real GDP (the broad measure of price growth) increased at a seasonally adjusted annualized rate of 2.2% in Q4 2024, accelerating from a 1.5% pace in Q3 2024.
ANNUAL
Real GDP in Japan increased by 0.1% in 2024 from 2023. Nominal GDP increased 2.9% in 2024 compared to 2023.
Source: Cabinet Office of Japan, Quarterly Estimates of GDP