GDP reading: The economy contracted 0.2% on a seasonally adjusted quarter-on-quarter basis in the first quarter, contrasting the fourth quarter’s...
Economic Growth in Japan
apan's GDP growth from 2013-2022 was well below the G7 average. The economy struggled with an aging population and deflationary pressures, despite fiscal and monetary stimulus. The COVID-19 pandemic caused a significant downturn. Long-term growth prospects remained subdued, highlighting the need for structural reforms to address demographic and productivity challenges.
The economy of Japan recorded an average growth rate of 0.6% in the decade to 2022, below the 1.8% average for Major Economies. In 2022, real GDP growth was 1.0%. For more GDP information, visit our dedicated page.
Japan GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Japan from 2024 to 2023.
Source: Macrobond.
Japan GDP Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | -0.4 | -4.2 | 2.7 | 0.9 | 1.5 |
| GDP (USD bn) | 5,117 | 5,054 | 5,035 | 4,262 | 4,211 |
| GDP (JPY bn) | 557,911 | 539,646 | 553,068 | 560,464 | 591,913 |
| Economic Growth (Nominal GDP, ann. var. %) | 0.2 | -3.3 | 2.5 | 1.3 | 5.6 |
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Japanese GDP projections for the next ten years from a panel of 55 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Japanese GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Japanese GDP projections.
Want to get access to the full dataset of Japanese GDP forecasts? Send an email to info@focus-economics.com.
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