Japan reported a second straight quarter of GDP decline in the fourth quarter of 2023, confounding forecasts of around 1.1% growth by economists.
Topline
Japan has ceded its spot as the world’s third-largest economy to Germany after its gross domestic product shrank for a second consecutive time in the fourth quarter of 2023, government data released on Thursday showed, pushing the Asian country into an unexpected recession.Key Facts
Preliminary data released by the Japanese Cabinet Office showed that Japan’s GDP fell an annualized 0.4% in the October-December quarter—the second straight quarter of decline after a 3.3% annualized drop in the previous three-month period.
According to Bloomberg, the fourth quarter’s numbers were well below economists’ forecasts of around 1.
