According to preliminary government data, the Japanese economy unexpectedly fell into a technical recession: in the fourth quarter of 2023, GDP decreased by 0.4%. In the previous quarter, the decline was 3.3%.
As a result, Japan has ceded its position as the third-largest economy in the world to Germany. Its nominal GDP, converted into dollars, amounted to $4.21 trillion, while Germany’s stood at $4.46 trillion.