Japan – GDP 1Q2014

by Eduardo Petazze

In the 1Q2014 (CY) Japanese GDP grew by 3.05% Y/Y (+1.64% Q/Q or +6.73% SAAR), from +2.49 Y/Y (+0.30% Q/Q, SAAR) in 4Q2014 Personal consumption expenditure prices index grew by +0.89% Y/Y (+0.16% Q/Q, SAAR)

The Cabinet Office, Government of Japan released the 2 nd . preliminary estimate of GDP for January-March 2014 quarterLinks:

GDP (expenditure approach) and its components Domestic final consumption expenditure of households, GFCF, and Exports and Imports of goods and services

The following is a summaryReal GDP

Gross data

Seasonally adjusted data

Nominal GDPGross data

Seasonally adjusted data

Also see: Balance of Payments, April 2014 – pdf, 10 pages (MoF)June Survey: Investments & Exports Invite 0.85 Real Growth in FY2014 (JCER)

Billions of Chained (2005) Yen, NSA 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3 2013Q4 2014Q1Final consumption expenditure 101,679.4 100,478.8 101,536.5 103,832.2 103,196.2 102,481.6 103,901.8 106,120.7 106,294.6

Households 62,030.3 61,215.3 62,481.7 63,973.9 62,864.0 62,378.3 64,096.1 65,603.4 65,508.0Imputed rent 12,484.0 12,521.5 12,562.9 12,606.1 12,644.6 12,684.5 12,733.2 12,782.9 12,825.0NPISH 1,441.7 1,763.8 2,052.8 2,161.3 1,602.0 1,816.5 2,092.8 2,202.2 1,640.0Government 25,723.4 24,978.2 24,439.1 25,090.9 26,085.6 25,602.3 24,979.7 25,532.2 26,321.6

Gross fixed capital formation 29,081.0 23,043.7 25,254.1 25,472.7 28,679.8 23,134.4 26,278.0 27,213.5 32,004.3Private 22,837.3 19,127.5 20,738.0 19,790.2 22,479.9 18,898.2 20,902.0 20,348.1 25,096.0Public 6,243.7 3,916.2 4,516.1 5,682.5 6,199.9 4,236.2 5,376.0 6,865.4 6,908.3

Change in Inventories and residual -2,999.3 459.1 -560.4 1,058.8 -3,284.7 71.4 -1,035.0 614.2 -4,827.5Exports 20,869.9 20,935.3 20,338.0 19,844.6 20,186.5 20,939.7 20,993.3 21,231.3 21,990.3Imports 18,016.8 18,148.4 18,452.7 18,267.1 18,077.2 18,300.8 19,052.3 19,955.7 20,778.1

GDP 130,614.2 126,768.5 128,115.5 131,941.2 130,700.6 128,326.3 131,085.8 135,224.0 134,683.6Last data

Y/Y 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3 2013Q4 2014Q1Final consumption expenditure 3.28% 2.58% 1.00% 0.97% 1.49% 1.99% 2.33% 2.20% 3.00%

Households 4.04% 3.28% 0.59% 0.38% 1.34% 1.90% 2.58% 2.55% 4.21%House, imputed rent 0.84% 1.29% 1.26% 1.28% 1.29% 1.30% 1.36% 1.40% 1.43%NPISH 14.41% 6.83% 6.74% 5.85% 11.12% 2.99% 1.95% 1.89% 2.37%Government 2.15% 1.28% 1.47% 1.96% 1.41% 2.50% 2.21% 1.76% 0.90%

Gross fixed capital formation 5.60% 6.41% 2.92% -0.95% -1.38% 0.39% 4.05% 6.83% 11.59%Private 5.96% 7.77% 3.41% -2.49% -1.56% -1.20% 0.79% 2.82% 11.64%Public 4.32% 0.23% 0.74% 4.81% -0.70% 8.17% 19.04% 20.82% 11.43%

Exports 0.98% 9.17% -4.82% -5.02% -3.27% 0.02% 3.22% 6.99% 8.94%Imports 6.72% 8.99% 4.99% 0.98% 0.34% 0.84% 3.25% 9.24% 14.94%

GDP 3.24% 3.24% -0.22% -0.30% 0.07% 1.23% 2.32% 2.49% 3.05%memo: Households – Implicit price 93.98 94.28 93.15 93.74 93.12 93.68 93.63 94.46 93.94

Y/Y -0.46% -0.66% -1.10% -0.59% -0.92% -0.64% 0.51% 0.76% 0.89%

Billions of Chained (2005) Yen, SA 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3 2013Q4 2014Q1Final consumption expenditure 407,129.0 407,714.1 406,686.4 408,754.0 412,868.6 415,544.7 416,418.4 417,827.5 424,956.0

Households 249,649.8 250,563.8 248,803.2 249,956.2 252,944.7 255,000.6 255,467.5 256,428.1 263,186.0Imputed rent 49,941.9 50,100.6 50,245.9 50,408.4 50,589.3 50,759.5 50,930.3 51,114.1 51,324.6NPISH 7,243.6 7,394.2 7,554.0 7,642.7 7,658.9 7,667.2 7,709.2 7,762.5 7,826.0Government 100,293.7 99,655.5 100,083.3 100,746.7 101,675.7 102,117.4 102,311.4 102,522.8 102,619.4

Gross fixed capital formation 103,203.3 103,532.8 102,214.0 102,327.2 102,000.2 104,060.0 106,670.6 108,672.2 113,794.0Private 82,297.9 83,055.5 82,237.0 82,400.9 81,154.3 81,882.9 82,981.3 84,712.0 90,491.3Public 20,905.4 20,477.3 19,977.0 19,926.3 20,845.9 22,177.1 23,689.3 23,960.2 23,302.7

Change in Inventories and residual -527.3 -3,264.7 -1,718.5 -2,606.7 -2,184.9 -4,284.3 -3,680.6 -4,289.0 -7,988.5Exports 84,680.9 84,232.0 80,857.8 78,412.9 81,749.9 84,125.6 83,567.7 83,945.2 88,999.7Imports 72,604.6 73,648.7 73,382.3 71,997.5 72,812.2 74,107.0 75,905.6 78,691.6 83,638.9

GDP 521,881.3 518,565.5 514,657.4 514,889.9 521,621.6 525,339.0 527,070.5 527,464.3 536,122.3Last data

Q/Q, SAAR 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3 2013Q4 2014Q1Final consumption expenditure 2.63% 0.58% -1.00% 2.05% 4.09% 2.62% 0.84% 1.36% 7.00%

Households 1.43% 1.47% -2.78% 1.87% 4.87% 3.29% 0.73% 1.51% 10.97%Imputed rent 1.34% 1.28% 1.17% 1.30% 1.44% 1.35% 1.35% 1.45% 1.66%NPISH 6.39% 8.58% 8.93% 4.78% 0.85% 0.43% 2.21% 2.79% 3.31%Government 6.12% -2.52% 1.73% 2.68% 3.74% 1.75% 0.76% 0.83% 0.38%

Gross fixed capital formation -1.65% 1.28% -5.00% 0.44% -1.27% 8.33% 10.42% 7.72% 20.23%Private -10.47% 3.73% -3.88% 0.80% -5.92% 3.64% 5.47% 8.61% 30.21%Public 45.72% -7.94% -9.42% -1.01% 19.78% 28.10% 30.19% 4.65% -10.53%

Exports 11.83% -2.10% -15.09% -11.56% 18.14% 12.14% -2.63% 1.82% 26.35%Imports 8.11% 5.88% -1.44% -7.34% 4.60% 7.31% 10.07% 15.51% 27.62%

GDP 4.15% -2.52% -2.98% 0.18% 5.33% 2.88% 1.32% 0.30% 6.73%memo: Households – Implicit price 94.45 93.95 93.24 93.57 93.52 93.39 93.73 94.27 94.30

Q/Q, SAAR 1.30% -2.10% -2.97% 1.42% -0.21% -0.57% 1.49% 2.29% 0.16%

NSA

Nominal Gross Domestic Product (NSA) – Billion Yen memo:

GDPGoods & Services

Exports Imports2010Q1 118,011.8 17,561.8 15,972.6 116,422.6 86,815.6 29,607.0 27,111.62010Q2 119,394.3 18,464.1 17,115.6 118,045.7 88,412.2 29,633.5 21,305.42010Q3 119,179.5 18,533.1 16,990.0 117,636.3 91,242.7 26,393.7 24,008.42010Q4 125,798.8 18,623.3 17,341.0 124,516.5 92,847.9 31,668.5 24,005.52011Q1 115,859.9 18,182.0 18,056.6 115,734.5 86,612.8 29,121.7 26,911.02011Q2 115,168.5 16,985.0 18,770.8 116,954.4 87,233.1 29,721.3 21,106.92011Q3 116,321.9 18,459.0 19,300.4 117,163.3 90,770.8 26,392.5 23,952.42011Q4 123,960.5 17,671.9 19,444.0 125,732.7 94,286.1 31,446.6 25,136.72012Q1 118,219.5 17,829.8 19,774.6 120,164.4 90,194.7 29,969.7 28,343.52012Q2 117,615.5 17,949.6 20,113.9 119,779.8 90,116.5 29,663.3 22,403.92012Q3 115,205.4 17,057.3 19,529.3 117,677.5 91,148.4 26,529.1 24,451.32012Q4 122,743.9 16,938.2 19,738.7 125,544.4 93,688.9 31,855.5 24,869.12013Q1 117,079.8 18,499.4 21,387.7 119,968.1 89,885.1 30,083.0 28,013.32013Q2 118,348.6 19,567.1 22,194.4 120,975.9 90,350.6 30,625.3 22,676.22013Q3 117,367.8 19,550.9 23,030.4 120,847.3 92,964.5 27,882.9 25,877.62013Q4 125,239.6 19,958.5 24,568.9 129,850.0 96,336.5 33,513.5 27,134.72014Q1 120,551.6 20,873.1 26,108.3 125,786.8 94,664.6 31,122.3 31,658.7

Last data

Domestic Demand

Private Demand

Public Demand

Gross Fixed Capital

Formation

SA

Nominal Gross Domestic Product (SA) – Billion Yen memo:

GDPGoods & Services

Exports Imports2010Q1 479,776.7 70,924.7 64,576.1 473,428.1 355,365.8 118,062.3 95,881.82010Q2 482,470.8 74,393.9 68,229.2 476,306.1 359,121.6 117,184.5 96,620.52010Q3 486,336.7 73,953.5 67,948.4 480,331.6 362,797.0 117,534.6 97,423.92010Q4 481,263.7 73,793.7 69,114.3 476,584.4 360,129.6 116,454.8 95,775.52011Q1 471,553.2 73,275.7 72,717.5 470,995.0 354,407.8 116,587.2 95,653.72011Q2 464,706.3 67,933.8 74,660.3 471,432.8 354,021.2 117,411.6 95,397.22011Q3 474,550.2 73,771.0 77,408.5 478,187.7 361,068.5 117,119.2 97,137.02011Q4 475,361.8 70,503.0 77,640.3 482,499.1 366,367.5 116,131.6 100,877.92012Q1 480,040.3 71,800.9 79,379.9 487,619.3 367,996.3 119,623.0 100,648.72012Q2 474,766.1 71,348.7 80,017.5 483,434.9 366,212.1 117,222.8 100,816.32012Q3 470,116.8 68,341.6 78,505.8 480,281.0 362,841.8 117,439.2 99,164.02012Q4 470,812.3 67,749.9 78,734.6 481,797.0 363,963.5 117,833.6 99,477.22013Q1 475,066.1 74,230.4 85,739.4 486,575.1 366,604.2 119,970.9 99,698.02013Q2 478,093.3 77,879.1 88,383.4 488,597.6 367,154.1 121,443.5 102,172.02013Q3 479,116.1 78,385.9 92,725.6 493,455.8 370,163.0 123,292.8 105,281.22013Q4 480,107.9 79,670.8 97,761.7 498,198.9 374,467.5 123,731.4 107,800.42014Q1 486,860.2 83,724.5 104,638.0 507,773.7 384,224.9 123,548.8 112,671.9

Last data

Domestic Demand

Private Demand

Public Demand

Gross Fixed Capital

Formation