Source: IMF, "World Economic Outlook Update (January 2020, January 2021)." B. Japan's Economy Next, I would like to turn to Japan's overall economic trends, starting with real GDP growth rates. In Chart 3, the line graph shows developments in the real GDP growth rate and the bar graph shows the contribution of demand components, such as consumption and investment, to the growth rate.
The first preliminary estimate for the October-December quarter of 2020 marked a real GDP growth rate of 3.0 percent on a quarter-on-quarter basis and 12.7 percent on an annualized basis. The economy registered positive growth for the second consecutive quarter, with private consumption, exports, business fixed investment, and public demand all contributing to the positive growth.