Japan's Economic Outlook for Fiscal Years 2024 and 2025 (August 2024)

経済研究部経済調査部長斎藤太郎

■Summary

<Real growth rate: 0.8% in FY2024, Forecasted: 1.1% in FY2025>

Real GDP increased by 3.1% in the April-June quarter of 2024 on an annualized basis from the previous quarter, marking the first positive growth in the last two quarters. Private consumption escalated by 1.0% from the previous quarter, which was the first increase in five quarters. This increase was driven by a recovery in automobile sales following the lifting of production and shipment suspensions caused by the fraud scandal. In addition, strong corporate earnings boosted capital investments by 0.9% from the previous quarter, representing the first increase in the last two quarters.
Real GDP is expected to retain this strong growth in the July-September quarter by showing an increase of 2.8% on an annualized basis from the previous quarter. This growth is anticipated to be driven by greater private consumption induced by the additional disposable income resulting from the income and resident tax cuts implemented in June.
Annual real GDP growth is forecasted to be 0.8% in FY2024 and 1.1% in FY2025. The high growth in the first half of FY2024 is expected to be temporary, while the second half of the year and beyond are predicted to increase at approximately 1% annually, which is slightly above the potential growth rate. This growth reflects a slowing of the rate of price increases and a stabilization of real wage growth in positive territory, primarily driven by private consumption and capital investment.
The consumer price index (excluding fresh food) is forecasted to be 2.3% for FY2024 and 1.8% for FY2025. The slower rate of increase in goods prices due to the stronger yen will offset the rise in service prices resulting from wage increases; therefore, the consumer price index is expected to continue its decline and fall below the 2% inflation rate targeted by the Bank of Japan for FY2025.

■Index

1．Positive growth of 3.1% on an annualized basis in the April-June quarter of 2024
・Impact of Yen Appreciation on Corporate Earnings
・Limited Impact of Yen Appreciation on Exports
・Wage Rate from the 2024 Spring Wage Negotiations Increases to 5% for the First Time in 33 Years
2．Real growth rate forecasted to be 0.8% in FY2024 and 1.1% in FY2025
・Higher Growth Expected in the July-September Quarter of 2024 Due to Tax Cuts
・Personal Consumption Driven by Disposable Income
・Outlook for Prices

日付	タイトル	執筆者	媒体
2025/10/31	2025年7-9月期の実質GDP～前期比▲0.7％（年率▲2.7％）を予測～	斎藤太郎	Weekly　エコノミスト・レター
2025/10/31	鉱工業生産25年9月－7-9月期の生産は2四半期ぶりの減少も、均してみれば横ばいで推移	斎藤太郎	経済・金融フラッシュ
2025/10/31	雇用関連統計25年9月－女性の正規雇用比率が50％に近づく	斎藤太郎	経済・金融フラッシュ
2025/10/30	潜在成長率は変えられる－日本経済の本当の可能性	斎藤太郎	基礎研レポート

日付

タイトル

執筆者

媒体

2025/10/31

2025年7-9月期の実質GDP～前期比▲0.7％（年率▲2.7％）を予測～

斎藤太郎

Weekly　エコノミスト・レター

2025/10/31

鉱工業生産25年9月－7-9月期の生産は2四半期ぶりの減少も、均してみれば横ばいで推移

斎藤太郎

経済・金融フラッシュ