Report published September 8, 2026

Japan: Q2 GDP Revised Up Slightly to +1.4% QoQ Annualized, Mainly on Capex – Goldman Sachs Report

Goldman Sachs · September 8, 2026

Japan's Q2 2026 real GDP growth was revised up slightly to +1.4% QoQ annualized in the second preliminary estimate, compared to +1.1% previously, supported by an upward revision in capex. Despite the revision, capex contracted for a second consecutive quarter amid geopolitical uncertainties and delivery delays.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.Japan's 2026Q2 real GDP growth was revised up to +1.4% QoQ annualized in the second preliminary estimate from +1.1% initially (below the market forecast of +1.7%).
2.Capex was revised up to -3.7% QoQ annualized from -4.6%, contributing about 0.2 pp to GDP growth, but remaining negative for the second consecutive quarter.
3.Inventory revisions were limited: private inventories contributed +1.2 pp annualized due to supply-chain shipment bottlenecks, while public inventories subtracted -2.1 pp due to crude oil reserve releases.

KEY NUMBERS:
MAIN POINTS:
April-June 2026 GDP Revision
The Japan Economics Team

Report data

April-June 2026 GDP Revision

Metric	Estimate	Context
Real GDP Growth (Second Preliminary)	1.4%	QoQ annualized real GDP growth revised up from +1.1%
Nominal GDP Growth (Second Preliminary)	5.5%	QoQ annualized nominal GDP growth revised up from +4.8%
Capex Growth	-3.7%	QoQ annualized capex revised up from -4.6%
Private Inventory Contribution	1.2 pp	Contribution to QoQ annualized GDP growth
Public Inventory Contribution	-2.1 pp	Contribution to QoQ annualized GDP growth reflecting release of crude oil reserves