URGENT: Japan’s economy contracts annualized real 0.4% in Oct.-Dec.

Economy

Japan’s economy contracted an annualized real 0.4 percent in the October-December quarter, government data showed Thursday.

Real gross domestic product, the total value of goods and services produced, decreased 0.1 percent from the previous quarter, the Cabinet Office said.

Nominal GDP, not adjusted for inflation, stood at 591.48 trillion yen in 2023, or $4.21 trillion, meaning Japan lost its status as the world’s third-largest economy to Germany, which was roughly $4.46 trillion in size.

Kyodo News

Kyodo News