Japan's GDP slows to 1.1% in 2022 on weaker export growth

Economy marks annualized 0.6% growth in October-December quarter

A crane unloads a container at a Tokyo port. The world's third-largest economy expanded in 2022 but the growth rate slowed from 2021. © NurPhoto via Getty Images

KENTARO IWAMOTO, Nikkei staff writer

February 14, 2023 08:55 JST

Updated on February 14, 2023 11:21 JST

TOKYO -- The Japanese economy expanded 1.1% in 2022 over 2021, marking the second year of growth as the country recovered from the COVID-19 pandemic, but the pace slowed from 2.1% in 2021, the government said Tuesday.

According to preliminary data released by the Cabinet Office, the world's third-largest economy's real gross domestic product for the year 2022 was about 546 trillion yen ($4.1 trillion at the current exchange rate).