Japan's GDP grows annualised real 2.8% in October-December period

Japan’s economy grew an annualised real 2.8 per cent in the October-December period of 2024, marking the third straight quarter of expansion on robust corporate spending, but lackluster private consumption underscored the protracted effects of inflation, government data showed Monday.

Kyodo News quoted the Cabinet Office as saying that Nominal gross domestic product, which shows the size of the economy in current prices, totalled 609.29 trillion yen ($4.01 trillion), surpassing the 600 trillion yen mark for the first time on a calendar year basis.

In 2024, real GDP, which is adjusted for inflation and shows the total value of goods and services produced in a country, grew 0.1 percent, marking the fourth straight yearly gain.

On a quarterly basis, real GDP increased 0.7 percent from the previous July-September quarter, against the 0.33 per cent rise projected by economists.

WAM