TOKYO, Feb. 17 (Xinhua) -- Japan's economic growth slowed to an annualized 0.1 percent in 2024 despite better-than-expected performance in the fourth quarter, government data showed on Monday.
Japan's real gross domestic product (GDP), adjusted for inflation and seasonal factors, expanded 2.8 percent on an annualized basis in the fourth quarter, according to data from Japan's Cabinet Office.
The figure also marked a 0.7-percent growth from the previous quarter. For the full year 2024, GDP grew 0.1 percent year-on-year, marking four consecutive years of positive growth, but slowed from the 1.5-percent growth seen in 2023.
The Q4 growth rate exceeded market expectations. Consumer spending, which accounts for more than half of GDP, rose 0.1 percent for the quarter, maintaining positive growth for the third consecutive quarter.
Business investment, another key pillar of domestic demand, increased by 0.5 percent. Housing investment increased 0.1 percent, while exports expanded 1.1 percent, the data showed. ■
