Japan Potential Growth Rate (BOJ)
Bank of Japan estimate of Japan's potential growth rate (year-on-year) and the contributions of total factor productivity, capital stock, hours worked and number of employed, by fiscal half-year from 1983.
| Indicator | Q1-2026 | Q3-2025 | Q1-2025 | Q3-2024 | Q1-2024 | Q3-2023 | Q1-2023 | Q3-2022 | Q1-2022 | Q3-2021 | Q1-2021 | Q3-2020 | Q1-2020 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Potential growth rate4 | 0.69 | 0.66 | 0.69 | 0.71 | 0.7 | 0.69 | 0.62 | 0.56 | 0.45 | 0.2 | -0 | -0.04 | -0.05 | |
| Total factor productivity (contribution) | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.62 | 0.58 | 0.5 | 0.38 | 0.25 | 0.15 | |
| Capital stock (contribution) | 0.14 | 0.13 | 0.16 | 0.19 | 0.22 | 0.25 | 0.19 | 0.14 | 0.13 | 0.06 | 0.09 | 0.28 | 0.39 | |
| Hours worked (contribution) | -0.34 | -0.34 | -0.34 | -0.33 | -0.32 | -0.3 | -0.28 | -0.27 | -0.29 | -0.39 | -0.58 | -0.77 | -0.91 | |
| Number of employed (contribution) | 0.25 | 0.23 | 0.22 | 0.22 | 0.17 | 0.11 | 0.08 | 0.07 | 0.03 | 0.03 | 0.11 | 0.2 | 0.32 |
Latest reading
The latest reading is 0.69 % y/y, for Q1 2026. That is unchanged from a year earlier. The series on this page is quarterly and runs from Q3 1983 to Q1 2026.
- Latest
- 0.69 % y/y
- Q1 2026
- vs a year earlier
- 0.0 pp
About this data
Bank of Japan estimate of Japan's potential growth rate (year-on-year) and the contributions of total factor productivity, capital stock, hours worked and number of employed, by fiscal half-year from 1983. Each half-year is dated at its last quarter (first half = July-September, second half = January-March).
