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TOKYO (Jiji Press) — Japan’s economy grew at an annualized rate of 2.8% in price-adjusted real terms in October-December after seasonal adjustment, expanding for the third straight quarter on a rebound in capital spending, the Cabinet Office said in a preliminary report on Monday.
For the whole of 2024, the country’s gross domestic product rose 0.1% from the previous year. In nominal terms, GDP grew 2.9% to ¥609,288.7 billion , exceeding ¥600 trillion for the first time on a full-year basis.
In the fourth quarter, private consumption rose 0.1% from the previous quarter in real terms, growing for the third successive quarter.
Corporate capital spending expanded 0.5%. Housing investment rose 0.1%, while public investment declined 0.3%.
Japan’s exports rose 1.1%, while its imports fell 2.1%.
Domestic demand made a negative contribution of 0.1 percentage point to the quarter-to-quarter GDP growth rate of 0.7%, while external demand made a positive contribution of 0.7 point.
