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Forbes
Forbes
15 Feb 2024


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.

CORRECTION / JAPAN-ECONOMY

The Japanese economy ceded the world's third largest economy title to Germany after reporting that ... [+] its GDP shrank for a second consecutive quarter at the end of last year.

AFP via Getty Images

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 1.1% growth.

Private consumption, which makes up for more than half of Japan’s economic activity, shrunk by 0.2% in the fourth quarter as households tightened discretionary spending due to spiraling living costs.

With a nominal GDP of $4.2 trillion in 2023, Japan’s economy is now smaller (in U.S. dollar terms) than Germany’s $4.4 trillion, despite the latter’s economy shrinking 0.3% last year.

This is a developing story.