Is the Japanese economy performing better (much better!) than official statistics indicate?

A new analysis from economists at the Bank of Japan suggest that contrary to official stats saying the economy contracted after the sales-tax hike hurt consumer spending in 2014, GDP actually grew 2.4%!

  • The Cabinet Office calculates the official GDP statistics based on expenditure
  • The new estimate from the BOJ uses income data
  • The two should match, but the BOJ report estimates Japan's economy was 29.5 trillion yen ($291 billion) bigger in 2014 than the official data show

Bloomberg have more at their article here


The BOJ already have their own CPI data, which they publish on the same day as the official data. It shows a higher CPI than official data, but still falls well short of the 2% target.