Japan's nominal GDP outgrows China's for first time in 46 years

2023 growth rates reverse due to deflationary pressure from housing, employment slumps

With the country's property boom over, Beijing is funneling more funds to the manufacturing sector, an analyst said. © Reuters

YOHEI MATSUO and KENJI KAWASE, Nikkei staff writers

February 16, 2024 00:57 JST

TOKYO/HONG KONG -- While Japan's nominal gross domestic product slipped below Germany's last year, making it the world's fourth-largest economy, the country's growth rate has surpassed that of China for the first time in almost half a century.

Japan's nominal growth rate overtook China's for the first time since 1977, according to preliminary 2023 GDP figures released by Japan's Cabinet Office on Thursday. Its economy showed nominal growth of 5.7%, while China's grew by 4.6%.