SMBC Group's Financial and Credit Portfolio
Japanese economy
Real GDP growth rate (annualized QoQ change)*1
(contribution, %)
30
Household sector
Net Exports
Private non-resi.investment
Public demand
Inventories
Real GDP
220
10
0
(10)
(20)
(30)
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2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Indicators to measure progress out of deflation
CPI
(%)
excl. fresh food
excl. fresh food & energy
1
(1)
(2)
5432-0 EŹ
*3
Property price of residential land and
condominiums *2
Residential land in all locations in Japan
Residential land in Tokyo
Condominium in Tokyo
170
160
150
140
130
120
110
100
90
80
70
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
GDP gap
O-Unit labor cost
2018
2019
2020
2021
2022
2023
(%)
GDP deflator
8
4
0
(4)
(8)
(12)
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2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
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2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
*1 Cabinet Office. Seasonally adjusted series. Household sector = Private consumption + Private residential investment,
Inventories = Change in private and public inventory, Public demand = Government consumption + Public investment
*2 Ministry of Land, Infrastructure, Transport and Tourism. Real Estate Economic Institute Co., Ltd.
Condominium in Tokyo is the first half of the year
*3 Statistics Bureau, Cabinet Office and Ministry of Internal Affairs and Communications
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