Japan's GDP grew by 1.3% q/q annualised in Q2 2021

Japan's GDP increased on a seasonally-adjusted, real terms basis by 0.3% q/q in Q2 2021, after contracting by 0.9% q/q in Q1 2021. This translates into a 1.3% rise on a seasonally-adjusted, annualised basis, which was quite modest in comparison with other large, developed economies, including the US.

Economic growth was 7.5% y/y (unadjusted), bolstered by the low base due to the pandemic last year. Private consumption rose by 7.2% y/y, government consumption by 3.4% y/y, and private non-residential investment by 2.5% y/y, but private residential investment contracted by 2.8% y/y. Goods and services exports, rising by 26.3% y/y, outstripped imports growth of 5.2% y/y.

Further data and analysis on Japan’s economy are available on the CEIC Japan Economy in a Snapshot – Q2 2021 report.