![]() ![]() Japan imports 94% of its base energy requirements and 63% of its food, so the weak yen significantly contributes to a higher cost of living, Neil Newman, a Tokyo-based strategist at Japanmacro, told CNN. ![]() It marks a third straight quarter of falls. Private consumption - which accounts for half of the economy - declined by an annualized 0.9% in the fourth quarter, as Japanese consumers battled higher prices for food, fuel and other goods. Only external demand, which is captured by exports of goods and services, made a positive contribution. All major domestic demand categories, including consumer spending, were negative. The data confirms that Japan’s economy was the world’s fourth largest behind Germany in US dollar terms last year.ĭomestic demand was particularly weak. Economists polled by Reuters had expected GDP to grow by an annualized 1.4% quarter-on-quarter in the October to December months. The decline was well below market forecasts. A recession is typically defined as two consecutive quarters of economic contraction. Gross domestic product (GDP) shrank at an annualized pace of 0.4% in the last three months of 2023, the Cabinet Office said on Thursday, after having contracted by an annualized 3.3% in the previous quarter. Japan’s economy has contracted unexpectedly because of weak domestic consumption, pushing the country into recession and causing it to lose its position as the world’s third largest economy to Germany. ![]()
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