STEPHEN GIBSON PHOTOHOME.CO.UK
Nominal gross domestic product, indicating the economy's scale at current prices, totaled 609.29 trillion yen ($4 trillion). The Japanese economy surpassed the 600 trillion yen milestone for the first time ever.
During the last quarter of the year, Japan's economy expanded by 2.8% compared to the previous year, significantly exceeding the expectations of analysts polled by Reuters, who had predicted growth of just 1%. The nation experienced GDP growth for the third straight quarter. Nonetheless, it is expanding mainly due to corporate expenditures, while the growth in consumer demand decreased from 0.7% in the prior quarter to 0.1% by the end of 2024. This situation stems from increasing commodity costs (as of late December, the consumer price index increased by 3.6% compared to the previous year) alongside stagnant real wages in the nation.
Japan's Economy Minister Ryosei Akazawa stated that the nation's GDP is expected to keep expanding and slowly bounce back, “but we must keep in mind the effects of the ongoing increase in prices for food and other daily necessities on consumer spending.”
source: nhk.or.jp
During the last quarter of the year, Japan's economy expanded by 2.8% compared to the previous year, significantly exceeding the expectations of analysts polled by Reuters, who had predicted growth of just 1%. The nation experienced GDP growth for the third straight quarter. Nonetheless, it is expanding mainly due to corporate expenditures, while the growth in consumer demand decreased from 0.7% in the prior quarter to 0.1% by the end of 2024. This situation stems from increasing commodity costs (as of late December, the consumer price index increased by 3.6% compared to the previous year) alongside stagnant real wages in the nation.
Japan's Economy Minister Ryosei Akazawa stated that the nation's GDP is expected to keep expanding and slowly bounce back, “but we must keep in mind the effects of the ongoing increase in prices for food and other daily necessities on consumer spending.”
source: nhk.or.jp
