Japan slips into technical recession; Q4 GDP contracts 0.4% on year

Nurluqman Suratman

15-Feb-2024

SINGAPORE (ICIS)–Japan’s economy shrank by an annualised rate of 0.4% in the fourth quarter of 2023, weighed by weaker private consumption amid high domestic inflation, provisional official data showed on Thursday.

This followed a 2.9% contraction in the July-September period, indicating that the world’s third-biggest economy has slipped into a technical recession.

On a quarter-on-quarter basis, Japan’s economy contracted by 0.1% in Q4 2023, after posting a 0.8% decline in Q3.

Q4 private consumption declined 0.2% from Q3, while exports were up by 2.6% over the same period.

Despite the technical recession in July-December, the economy posted a faster full-year real GDP growth of 1.9% in 2023 compared with 1.0% in 2022.

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