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Economy Stats: compare key data on Japan & Pitcairn Islands

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Definitions

  • Budget > Expenditures: Expenditures calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Budget > Revenues: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Budget > Revenues > Per capita: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms Per capita figures expressed per 1 population.
  • Currency: The national medium of exchange and its basic sub-unit.
  • Overview: This entry briefly describes the type of economy, including the degree of market orientation, the level of economic development, the most important natural resources, and the unique areas of specialization. It also characterizes major economic events and policy changes in the most recent 12 months and may include a statement about one or two key future macroeconomic trends.
  • Exchange rates: The official value of a country's monetary unit at a given date or over a given period of time, as expressed in units of local currency per US dollar and as determined by international market forces or official fiat.
  • Exports > Commodities: This entry provides a listing of the highest-valued exported products; it sometimes includes the percent of total dollar value.
  • 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).
  • Imports > Commodities: This entry provides a listing of the highest-valued imported products; it sometimes includes the percent of total dollar value.
  • Industries: A rank ordering of industries starting with the largest by value of annual output.
  • Labor force: This entry contains the total labor force figure.
  • Labor force per thousand people: This entry contains the total labor force figure. Figures expressed per thousand people for the same year.
  • Trade > Exports to US: in US dollars. Jan 2003 - March 2003
  • Trade > With US > US imports of bauxite and aluminum: US imports of bauxite and aluminum, USD Thousands, 2004
  • Budget > Expenditures > Per capita: Expenditures calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms Per capita figures expressed per 1 population.
  • Trade balance with US: In US dollars. Jan 2003 - March 2003
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STAT Japan Pitcairn Islands HISTORY
Agriculture > Products rice, sugar beets, vegetables, fruit; pork, poultry, dairy products, eggs; fish honey; wide variety of fruits and vegetables; goats, chickens; fish
Budget > Expenditures $2.58 trillion
Ranked 2nd. 2507782 times more than Pitcairn Islands 		$1.03 million
Ranked 149th.
Budget > Revenues $1.99 trillion
Ranked 2nd. 2664879 times more than Pitcairn Islands 		$746,000.00
Ranked 221st.
Budget > Revenues > Per capita $11,472.65 per capita
Ranked 23th. 		$15,529.45 per capita
Ranked 7th. 35% more than Japan
Currency yen New Zealand dollar
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 small agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. While self-sufficient in rice production, Japan imports about 60% of its food on a caloric basis. 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. Modest economic growth continued after 2000, but the economy has fallen into recession three times since 2008. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake and the ensuing tsunami in March disrupted manufacturing. The economy has largely recovered in the two years since the disaster, but reconstruction in the Tohoku region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared the economy his government's top priority; he has pledged to reconsider his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus and regulatory reform and has said he will press the Bank of Japan to loosen monetary policy. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2012 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. The new government will continue a longstanding debate on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy. The inhabitants of this tiny isolated economy exist on fishing, subsistence farming, handicrafts, and postage stamps. The fertile soil of the valleys produces a wide variety of fruits and vegetables, including citrus, sugarcane, watermelons, bananas, yams, and beans. Bartering is an important part of the economy. The major sources of revenue are the sale of postage stamps to collectors and the sale of handicrafts to passing ships.
Exchange rates yen (JPY) per US dollar -<br />79.79 (2012 est.)<br />79.81 (2011 est.)<br />87.78 (2010 est.)<br />93.57 (2009)<br />103.58 (2008) New Zealand dollars (NZD) per US dollar -<br />1.23 (2012)<br />1.26 (2011)<br />1.39 (2010)<br />1.6 (2009)<br />1.42 (2008)
Exports > Commodities motor vehicles 13.6%; semiconductors 6.2%; iron and steel products 5.5%; auto parts 4.6%; plastic materials 3.5%; power generating machinery 3.5% fruits, vegetables, curios, stamps
Fiscal year 1 1
Imports > Commodities petroleum 15.5%; liquid natural gas 5.7%; clothing 3.9%; semiconductors 3.5%; coal 3.5%; audio and visual apparatus 2.7% fuel oil, machinery, building materials, flour, sugar, other foodstuffs
Industries among world's largest and technologically advanced producers of motor vehicles, electronic equipment, machine tools, steel and nonferrous metals, ships, chemicals, textiles, processed foods postage stamps, handicrafts, beekeeping, honey
Labor force 65
Ranked 53th. 4 times more than Pitcairn Islands 		15
Ranked 110th.
Labor force per thousand people 0.000511
Ranked 106th. 		230.77
Ranked 4th. 451786 times more than Japan
Trade > Exports to US $28.91 billion
Ranked 4th. 2891370 times more than Pitcairn Islands 		$10,000.00
Ranked 211th.
Trade > With US > US imports of bauxite and aluminum 31,938
Ranked 20th. 		0.0
Ranked 110th.
Budget > Expenditures > Per capita $12,296.61 per capita
Ranked 22nd. 		$18,683.38 per capita
Ranked 5th. 52% more than Japan
Trade balance with US $-16,366,600,000.00
Ranked 223th. 		$790,000.00
Ranked 84th.

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; All CIA World Factbooks 18 December 2003 to 18 December 2008; CIA World Factbooks 2010, 2011, 2012, 2013; CIA World Factbooks 2010, 2011, 2012, 2013. 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.; US Census Bureau; FTDWebMaster, Foreign Trade Division, U.S. Census Bureau

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