Japan GDP preliminary for Q4 2020

GDP sa 3.0% q/q

  • expected 2.4%, prior 5.3%

GDP annualised sa 12.7% q/q

  • expected 10.1%, prior 22.9%

GDP nominal 2.5% q/q

  • expected 1.9%, prior 5.5%

GDP deflator (an inflation indication) 0.2%

  • expected 0.5%, prior 1.2%

Private consumption 2.2% q/q

  • expected 2.0% q/q, prior 5.1%

Business spending 4.5% q/q

  • its first rise for 3 quarters and its highest since Q1 of 2015

  • expected 2.4%, prior -2.4%

Q4 was October - December so while these are OK results remember this is an old data point.

For 2020 as a while the economy shrank by 4.8% y/y, its first annual contraction since 2009.