The government reported the economy shrank at an annual rate of 0.4% in October to December, according to Cabinet Office data on real GDP released Thursday, though it grew 1.9% for all of 2023. It contracted 2.9% in July-September. Two straight quarters of contraction are considered an indicator an economy is in a technical recession.
Japan's economy was the second largest until 2010, when it was overtaken by China's. Japan's nominal GDP totalled $4.2 trillion last year, while Germany's was $4.4 trillion, or $4.5 trillion, depending on the currency conversion.
This story is from the February 16, 2024 edition of Hindustan Times.
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This story is from the February 16, 2024 edition of Hindustan Times.
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