Japan’s Economic Outlook for Fiscal Years 2023 to 2025 (February 2024)

経済研究部経済調査部長斎藤太郎

■Summary

＜Real growth rate: FY2023, 1.2%; FY2024, 1.0%; FY2025, 1.1%＞

In the October–December quarter of 2023, the real GDP grew at an annualized rate of ˗0.4% from the previous quarter, which marked the second consecutive quarter of negative growth. This decline was primarily due to a drop in domestic demand. Despite the normalization of socioeconomic activities following the reclassification of COVID-19 as a Class 5 disease, both private consumption and capital investment declined for the third consecutive quarter.
Projections indicate that the real GDP growth will be 1.2% in FY2023, 1.0% in FY2024, and 1.1% in FY2025. In the second half of FY2024, a shift to domestic demand-led growth is expected. Moreover, real-wage growth is anticipated because of a slowdown in the inflation rate.
The nominal GDP continues to outpace the real GDP. The nominal GDP growth in FY2023 is expected to reach 5.2%, the highest in 32 years. Furthermore, the nominal GDP is projected to exceed 600 trillion yen in FY2024.
Consumer prices (excluding fresh food) are expected to rise to 2.8% in FY2023, 2.1% in FY2024, and 1.5% in FY2025. While the increase in the prices of goods has slowed down, the prices of services have risen to the 2% seen the previous year. The high prices of services are likely to persist, as companies continue to pass on the higher labor costs associated with wage increases to their consumers.

■Index

1．Annualized negative growth in the October–December quarter of 2023
　　・Exports are not expected to drive the economy
　　・Revenge consumption is subdued
　　・The spring wage offensive of 2024 is expected to result in a 4.0% wage increase
2．The real growth rate is projected to be 1.2% in FY2023, 1.0% in FY2024, and 1.1%
　in FY2025.
　　・There is a high risk of a downturn in both domestic and foreign demand in the
　　　first half of 2024
　　・Inflation outlook

日付	タイトル	執筆者	媒体
2025/06/30	鉱工業生産25年5月－4-6月期は2四半期連続減産の可能性が高まる	斎藤太郎	経済・金融フラッシュ
2025/06/27	雇用関連統計25年5月－新規求人倍率は3年6ヵ月ぶりの低水準も、労働市場全体の需給を反映せず	斎藤太郎	経済・金融フラッシュ
2025/06/20	消費者物価（全国25年5月）－コアCPIは食料中心に上昇率拡大も、夏場には3％割れへ	斎藤太郎	経済・金融フラッシュ
2025/06/18	トランプ関税による企業収益への影響～輸出数量減少よりも輸出価格引き下げのほうが悪化幅は大きい～	斎藤太郎	研究員の眼

日付

タイトル

執筆者

媒体

2025/06/30

斎藤太郎

経済・金融フラッシュ

2025/06/27

斎藤太郎

経済・金融フラッシュ

2025/06/20