日本1-3月GDP年化下降0.7%

Core Viewpoint - Japan's GDP experienced a decline of 0.2% in the first quarter of 2024, marking a return to negative growth due to weak personal consumption and a decrease in exports [1][2]. Group 1: Economic Performance - Japan's GDP, adjusted for seasonal variations, fell by 0.2% in Q1 2024, equivalent to an annualized decline of 0.7% [1]. - Personal consumption, which accounts for over half of GDP, grew only 0.04% in the same period, indicating stagnation [1]. - Exports decreased by 0.6%, marking the first negative growth in four quarters, influenced by reduced intellectual property fees and the end of large R&D service orders [1]. Group 2: Consumption and Investment - Food consumption, including meat and fish, saw negative growth, while dining out maintained positive growth due to favorable weather [1]. - Equipment investment, a key component of private demand, increased by 1.4%, particularly in R&D and software, likely linked to digital transformation initiatives [2]. - Public investment declined by 0.4%, while government consumption remained flat with a growth rate of 0.0% [2]. Group 3: Demand Contributions - Domestic demand contributed positively to GDP growth by 0.7 percentage points, marking the first positive contribution in two quarters [2]. - External demand, however, contributed negatively by 0.8 percentage points, also the first negative contribution in two quarters [2].