Japon Croissance Du Pib

Japan's GDP grew by 0.1% qoq in Q4 of 2023, compared with flash data of a 0.1% fall and a 0.8% contraction in Q3. The economy narrowly escaped a recession as markets expected a 0.3% rise, helped by a strong upward revision of capital expenditure (2.0% vs the preliminary print and Q3 figure of a 0.1% fall, and market consensus of a 2.5% rise). Also, net trade contributed positively (0.2 percentage points, unchanged from the flash print), with exports (2.6% vs 0.9% in Q2) growing stronger than imports (1.7% vs 1.0%). Meanwhile, private consumption, which accounts for about 60% of the economy, shrank for the third straight quarter (-0.3% vs the initial reading of a 0.2% drop and after a 0.3% fall in Q3), due to elevated cost pressure and persistent headwinds at home. Also, government spending fell more than initially anticipated (-0.2% vs -0.1% in flash data, after a 0.3% rise in Q3), as did public investment (-0.8% vs -0.7% in the first estimate and after a 1.0% decrease in Q3).