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Japan

Japan Economy Stats

chris.lockyer781

Author: chris.lockyer781

The economic recovery of Japan may be disrupted this year. This is what many economic observers commented because of the impending increase in sales taxes this April. The lethargic growth and mounting deficit has muddled the expected growth which was supposed to take place late last year.

Japan’s economy is considered the third largest in the globe according to minimal Gross Domestic Product and the second-biggest developed economy in the world. It is also the fourth largest economy in terms of purchasing power equality. Based on the figures of the International Monetary Fund, the country’s per capita GDP of $35. 855. It is in the top 25 rankings worldwide.

Overview:

In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. The Japanese financial sector was not heavily exposed to sub-prime mortgages or their derivative instruments and weathered the initial effect of the recent global credit crunch, but a sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but Tokyo is warning that GDP growth will slow in 2011. Prime Minister Kan's government has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through free-trade agreements, but debate continues on restructuring the economy and funding new stimulus programs in the face of a tight fiscal situation. Japan's huge government debt, which is approaching 200 percent of GDP, persistent deflation, and an aging and shrinking population are major complications for the economy.

Definitions

  • Budget > Revenues: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Exports: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • Fiscal year: The beginning and ending months for a country's accounting period of 12 months, which often is the calendar year but which may begin in any month. All yearly references are for the calendar year (CY) unless indicated as a noncalendar fiscal year (FY).
  • GDP: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.
  • GDP > Composition by sector > Industry: The gross domestic product (GDP) or value of all final goods produced by the industrial sector within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • GDP > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
  • GDP > Purchasing power parity: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller.
  • GDP > Real growth rate: GDP growth on an annual basis adjusted for inflation and expressed as a percent.
  • GDP per capita: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Figures expressed per capita for the same year.
  • Gross National Income: GNI, Atlas method (current US$). GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and prop).
  • Inflation rate > Consumer prices: This entry furnishes the annual percent change in consumer prices compared with the previous year's consumer prices.
  • Population below poverty line: National estimates of the percentage of the population lying below the poverty line are based on surveys of sub-groups, with the results weighted by the number of people in each group. Definitions of poverty vary considerably among nations. For example, rich nations generally employ more generous standards of poverty than poor nations.
  • Public debt: This entry records the cumulatiive total of all government borrowings less repayments that are denominated in a country's home currency. Public debt should not be confused with external debt, which reflects the foreign currency liabilities of both the private and public sector and must be financed out of foreign exchange earnings.
  • Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
STAT AMOUNT DATE RANK HISTORY
Budget > Revenues $1.99 trillion 2013 2nd out of 223
Exports $776.60 billion 2012 4th out of 189
Fiscal year 1 2013
GDP $5.96 trillion 2012 4th out of 177
GDP > Composition by sector > Industry 27.5% 2012 98th out of 217
GDP > Per capita $33,523.37 per capita 2007 25th out of 183
GDP > Per capita > PPP $35,900.00 2012 22nd out of 188
GDP > Purchasing power parity $4.58 trillion 2012 4th out of 190
GDP > Real growth rate 2% 2012 119th out of 191
GDP per capita $46,720.36 2012 12th out of 177
Gross National Income $4.52 trillion 2001 2nd out of 158
Inflation rate > Consumer prices 0.0 2012 196th out of 199
Population below poverty line 16% 2010 32nd out of 48
Public debt 219.1% of GDP 2012 2nd out of 149
Unemployment rate 4.4% 2012 94th out of 112

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; CIA World Factbooks 2010, 2011, 2012, 2013; All CIA World Factbooks 18 December 2003 to 18 December 2008; World Bank national accounts data, and OECD National Accounts data files.; CIA World Factbook 2010, 2011, 2012, 2013; World Bank national accounts data, and OECD National Accounts data files. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; CIA World Factbooks 18 December 2003 to 28 March 2011

Citation

"Japan Economy Stats", NationMaster. Retrieved from http://www.nationmaster.com/country-info/profiles/Japan/Economy

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Japan Economy Profiles (Subcategories)

Adjusted savings 3 Inflation 9
Aid 6 Innovation 38
Balance of payments 28 Intellectual property 8
Budget 15 Interest payments 3
Business 9 International tourism 14
Changes in net 4 Investment 3
Commercial service 4 Labor force 3
Commercial service imports 4 Market capitalization of listed companies 4
Commitment to Development Index 4 Merchandise 4
Companies 29 Merchandise imports 4
Consumption 10 Micro 4
Currency 15 National accounts 104
Current account balance 5 Natural gas 8
Current transfers 4 Net capital account 4
Debt 54 Net current transfers 4
Economic aid 3 Net current transfers from abroad 6
Economic growth 8 Net errors and omissions 4
Economic structure 4 Net income 4
Electricity 8 Net income from abroad 6
Entrepreneurship 12 Net trade in goods 4
Exports 3 Net trade in goods and services 4
External balance on goods and services 7 Oil 10
Final 20 Portfolio investment 4
Financial sector 36 Poverty and inequality 5
Foreign direct investment 14 Productivity 7
GDP 42 Public expenditure 4
GDP growth 4 Purchasing power parity 11
GDP per capita 4 Reserves 6
GNI 12 Royalty and license fees 8
Gold 4 Savings 44
Goods 4 Service 4
Goods imports 4 Service imports 4
Government 13 Services 10
Government debt 6 Spending 73
Government deficits and debt 4 Steel 4
Government spending 5 Stock of direct foreign investment 6
Gross capital formation 10 Stocks traded 5
Gross domestic savings 6 Support and aid 6
Gross fixed capital formation 10 Tax 71
Gross national expenditure 9 Taxes 3
Gross savings 6 Total 9
Gross value added at factor cost 9 Tourism 21
High-technology 4 Tourism expenditures 5
Household final 23 Tourism receipts 5
Income 24 Tourist arrivals by region of origin 8
Income distribution 4 Trade 1668
Income payments 4 Trademark applications 4
Income receipts 4 Transnational corporations 4
Inequality 13 Welfare 5
Japan ranked second for budget > revenues globally in 2013.
Japan ranked second for GDP amongst Heavily indebted countries in 2012.
Japan has had the highest patent applications > residents since 1973.
Japan ranked first for exports amongst Densely populated countries in 2012.
Japan ranked first for reserves of foreign exchange and gold amongst High income OECD countries in 2012.
Japan ranked third for GDP per capita amongst East Asia and Pacific in 2012.
Japan has ranked last for lending interest rate since 1993.
Japan has had the highest net income > boP > current US$ since 1991.
Japan has had the highest current account balance > boP > current US$ since 1991.
Japan has had the highest total > reserves minus gold > current US$ since 1993.

6

The economic recovery of Japan may be disrupted this year. This is what many economic observers commented because of the impending increase in sales taxes this April. The lethargic growth and mounting deficit has muddled the expected growth which was supposed to take place late last year.

Japan’s economy is considered the third largest in the globe according to minimal Gross Domestic Product and the second-biggest developed economy in the world. It is also the fourth largest economy in terms of purchasing power equality. Based on the figures of the International Monetary Fund, the country’s per capita GDP of $35. 855. It is in the top 25 rankings worldwide.

Posted on 28 Mar 2014

chris.lockyer781

chris.lockyer781

394 Stat enthusiast

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