Apr-Jun 2024 1st Preliminary GDP Estimate
GDP achieves positive growth on the plus side with factors such as production hikes in motor vehicles and improvements in income environment
August 15, 2024
Summary
◆The real GDP growth rate for Apr-Jun 2024 (1st preliminary est) was up by +3.1% q/q annualized (+0.8% q/q). Normalization of motor vehicle production has progressed, boosting private consumption, capex, and exports. The income environment has also improved, and this has led to growth in private consumption for the first time in five quarters, while in addition, growth was observed in a wide range of demand components.
◆Our outlook for the real GDP growth rate in the Jul-Sep period of 2024 sees growth at mid-range of the +2% q/q annualized level (mid-range of the +0% q/q level). On the other hand, downside risk to exports due to the deterioration of overseas economies such as the US and elsewhere, as well as the effects of yen appreciation will continue to require attention.
Daiwa Institute of Research Ltd. reserves all copyrights of this content.
Copyright permission of Daiwa Institute of Research Ltd. is required in case of any reprint, translation, adaptation or abridgment under the copyright law. It is illegal to reprint, translate, adapt, or abridge this material without the permission of Daiwa Institute of Research Ltd., and to quote this material represents a failure to abide by this act. Legal action may be taken for any copyright infringements. The organization name and title of the author described above are as of today.