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Germany overtakes Japan as the world’s third most powerful economy

Germany overtakes Japan as the world’s third most powerful economy

Germany has displaced Japan as the third most powerful economy in the world at the end of 2023. According to official data from the Japanese statistical agency, the Asian country registered a contraction of 0.1% in the last quarter of the year, accumulating two consecutive ones.

Already in the third quarter, Japan had registered a decline of 0.8%, a drop that was replicated between October and December due to -0.2% household consumption and -0.1% in public investment.

If we take into account the annualized marker, in the last quarter of the outgoing year the contraction of the Asian nation’s GDP settled at 0.4%, compared to the 3.3% decline that occurred between July and September.

In any case, Japan’s economy advanced 1.9% in real terms after the twelve months of 2023, higher than the 1% that was registered in 2022.

It should be noted that comparisons of GDP on a global scale are made in dollars. Germany announced in January that its nominal GDP in 2023 was about 4.12 trillion euros, equivalent to about US$4.5 trillion.

According to the average exchange rate of the Bank of Japan, figures published this Thursday indicate that Japan’s nominal GDP in 2023 was 591.48 trillion yen, about US$4.2 trillion at the exchange rate.

Source: Larepublica

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