Japan just lost its crown as the world’s third-largest economy #trending #breakingnews #japan #top
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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.
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. A recession is typically defined as two consecutive quarters of economic contraction.
The decline was well below market forecasts. Economists polled by Reuters had expected GDP to grow by an annualized 1.4% quarter-on-quarter in the October to December months.
The data confirms that Japan’s economy was the world’s fourth largest behind Germany in US dollar terms last year.
Domestic demand was particularly weak. All major domestic demand categories, including consumer spending, were negative. Only external demand, which is captured by exports of goods and services, made a positive contribution.
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. It marks a third straight quarter of falls.