Tokyo: Japan's economy experienced an annualized real growth rate of 2.8 percent in the October-December period of 2024. This growth reflects the country's economic performance during the final quarter of the year, highlighting a significant development in Japan's economic trajectory.

According to Qatar News Agency, the nominal gross domestic product (GDP), which measures the economy's size at current prices, reached 609.29 trillion yen (approximately $4.01 trillion). This figure marks a milestone as it surpasses the 600 trillion yen threshold for the first time on a calendar year basis, indicating a notable expansion in Japan's economic scale.

In 2024, the real GDP, adjusted for inflation, grew by 0.1 percent, representing the fourth consecutive year of growth. However, this growth rate is a marked slowdown compared to the 1.5 percent increase seen in 2023. The deceleration is attributed to the challenges faced by Japanese households, who have been grappling with the rising cost of living without experiencing substantial gains in real wages.

The Bank of Japan has maintained high expectations of implementing another interest rate increase, following its second hike in the latest cycle this January. This move is anticipated as part of the ongoing efforts to manage economic stability amid changing economic dynamics.