Japan GDP

Data Macro

Source: Japan Cabinet Office
Source Link: https://www.esri.cao.go.jp/
Frequency: Quarterly
Next Release(s): December 7th, 2025 7:50 PM

Latest Updates

Japanese GDP fell -0.4% QoQ (vs -0.6% QoQ expected) in Q3 2025, a reversal from the relatively strong growth of 0.6% QoQ. This is the first contraction since Q1 2024.
- The YoY increase in GDP slowed from 2.0% in Q2 2025 to 1.1% in Q3 2025.
- Domestic demand fell -0.2% QoQ, with private demand falling -0.4% QoQ as private residential investment dropped -9.4% QoQ.
- Private consumption (+0.1% QoQ) and private non-residential investment (+1.0% QoQ) cushioned some of the losses in the residential sector.
- Public demand was a strong positive force, growing 0.5% QoQ, with government consumption increasing 0.5% QoQ.
- Net trade made a -0.2 ppt contribution as exports fell -1.2% QoQ and imports were basically unchanged at -0.1% QoQ.
- Gross domestic income fell -0.3% QoQ, and gross national income increased 0.5% QoQ.
- The GDP deflator increased 0.6% QoQ and 2.8% YoY in Q3, down slightly from 2.9% YoY in Q2 and the lowest since Q3 2024.
Source
Japanese GDP growth in Q2 2025 was revised up from 0.3% QoQ in the first estimate to 0.5% QoQ in the final estimate as household consumption growth was revised up.
- Domestic demand growth was revised up from a -0.1% QoQ contraction to an increase of 0.2% QoQ in Q2 2025.
- Household consumption growth was 0.4% QoQ, revised up from a weaker 0.1% QoQ increase in the first estimate.
- The contribution from domestic demand was revised up to 0.3 ppts from 0.0 ppts in Q2 2025, boosted by stronger consumption and an upward revision in the contribution from inventories from -0.3 ppts to 0.0 ppts.
- Offsetting the adjustment in consumption were downward revisions in private residential investment to 0.5% QoQ (down from 0.8% QoQ) and private non-residential investment to 0.6% QoQ (down from 1.3% QoQ).
- Gross national income growth was 0.5% QoQ (revised up from 0.3% QoQ) with employee compensation growth at 0.9% QoQ (revised up from 0.8% QoQ).
Source
Japanese GDP growth was 0.3% QoQ in Q2 2025, up from 0.1% QoQ in Q1 2025 and ahead of expectations of a soft 0.1% QoQ increase. On an annual basis, GDP was up 1.0% YoY, above the 0.4% YoY increase expected.
- Domestic demand fell -0.1% QoQ and made a negative contribution of -0.2 ppts as private demand was unchanged QoQ and public demand was down -0.3% QoQ.
- Within private demand, private consumption increased 0.2% QoQ, private residential investment increased 0.8% QoQ, and private non-residential investment increased 1.3% QoQ. All three components were offset by a -0.3 ppts contribution from private inventories.
- Net exports made a positive 0.3 ppts contribution as exports increased 2.0% QoQ and imports were up just 0.6% QoQ.
- Final sales of domestic product increased 0.6% QoQ and 2.6% YoY, and gross domestic income increased 0.8% QoQ and 1.8% YoY.
- The GDP deflator was up 3.0% YoY in Q2, down from 3.3% YoY in Q1 and below expectations of a 3.1% YoY increase.
Source
Japan’s GDP saw a negligible decline in Q1 2025, revised up from a -0.2% QoQ decline in the first estimate. Q1 2025 growth annualized was -0.2% vs -0.7% in the first estimate.
- Domestic demand growth was revised up from 0.6% QoQ to 0.8% QoQ with private demand growth revised up from 0.9% QoQ to 1.2% QoQ.
- Within private demand, household consumption growth was revised up from basically flat to 0.1% QoQ, and private residential investment growth was revised up from 1.2% QoQ to 1.4% QoQ.
- Public demand dropped -0.4% QoQ, below the first estimate of no change.
- The decline in final sales of domestic product was -0.7% QoQ, revised down from the first estimate of -0.5% QoQ.
- The GDP deflator was confirmed to be up 0.9% QoQ and 3.3% YoY, the highest reading since Q4 2023.
Source
Japan’s GDP fell -0.2% QoQ in Q1 2025, down from an increase of 0.6% QoQ in Q4 2024 and below expectations of an -0.1% contraction.
- Domestic demand was strong, increasing 0.6% QoQ, with private demand up 0.9% QoQ.
- Within private demand, consumption was unchanged over the quarter while residential and non-residential investment both saw robust gains of 1.2% QoQ and 1.4% QoQ respectively.
- The increase in private demand added 0.7 ppts to GDP growth, but that was entirely offset by a -0.8 ppts contribution from net exports as imports increased 2.9% QoQ and exports fell -0.6% QoQ.
- Final sales of domestic product fell -0.5% QoQ, and gross domestic income was down -0.3% QoQ.
- The GDP deflator was up 0.9% QoQ and 3.3% YoY, the highest reading since Q4 2023.
Source
Japan’s Q4 2024 GDP growth was revised down from 0.7% QoQ in the first estimate to 0.6% QoQ in the second estimate.
- Domestic demand was revised down from -0.1% QoQ to -0.2% QoQ as private consumption growth was revised to 0.0% QoQ (from 0.1% QoQ) and private residential investment was revised to -0.2% QoQ (from 0.1% QoQ).
- The growth in compensation of employees was revised down -0.1 ppts to 1.4% QoQ.
- The GDP Deflator was confirmed up 0.6% QoQ and 2.9% YoY with the domestic demand deflator also unchanged at 0.4% QoQ and 2.3% YoY.
Source
Japanese Q4 2024 GDP growth beat expectations at 0.7% QoQ, vs a forecast of 0.3% QoQ. The annualized rate was 2.8% (vs 1.0% expected).
- Domestic demand actually contracted at -0.1% QoQ with private demand down -0.1% QoQ and public demand up 0.1% QoQ.
- Private consumption came in stronger than the forecast of a -0.3% QoQ decline, growing 0.1% QoQ.
- Private non-residential investment was the strongest segment, up 0.5% QoQ.
- The major contribution to GDP growth was net exports, adding 0.7 ppts, as exports grew 1.1% QoQ and imports fell -2.1% QoQ.
Source