Preliminary data released by the Japanese Prime Minister's Office on Monday morning showed that Japan's economy grew at a pace that exceeded market expectations during the fourth quarter of last year.
According to the data, Japan's Gross Domestic Product (GDP) grew by 2.8% year-on-year in the fourth quarter, while the economy was expected to achieve a growth rate of only 1.0%. This reading was significantly higher than the previous quarter, which saw the economy grow by 1.2%.
On a quarterly basis, Japan's economy recorded a growth of 0.7% in the fourth quarter compared to the third quarter, which was also higher than market expectations that predicted a GDP growth of only 0.3%. The Japanese economy had recorded a growth of 0.3% in the previous quarter after the reading was revised upwards from 0.2%.
For the whole year, the preliminary reading showed that Japan's GDP grew by 2.8% in 2024 compared to 2023, which was broadly in line with market expectations. Japan's economy had recorded a growth of 2.4% in the previous year.
At the same time, Japan's GDP prices grew by 2.8% year-on-year in the fourth quarter, matching expectations, and this reading was higher than the previous quarter, which recorded a growth of 2.4% in prices.
