Japan Economy - 2024

Economic overview

fourth-largest, trade-oriented, and diversified economy; highly indebted country; slow wage growth and declining labor force; still heavily hydrocarbon-reliant; central bank keeping negative interest rates amid modest inflation; increased military spending; stagnant tourism sector

Real GDP (purchasing power parity)

$5.126 trillion (2021 est.) note: data are in 2017 dollars
$5.042 trillion (2020 est.) note: data are in 2017 dollars
$5.28 trillion (2019 est.)

Real GDP growth rate

1.66% (2021 est.)
-4.51% (2020 est.)
-0.24% (2019 est.)

Real GDP per capita

$40,800 (2021 est.) note: data are in 2017 dollars
$39,900 (2020 est.) note: data are in 2017 dollars
$41,700 (2019 est.)

GDP (official exchange rate)

$5,078,679,000,000 (2019 est.)

Inflation rate (consumer prices)

-0.23% (2021 est.)
-0.02% (2020 est.)
0.47% (2019 est.)

Credit ratings

Fitch rating: A (2015)

Moody's rating: A1 (2014)

Standard & Poors rating: A+ (2015)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 1.1% (2017 est.)

industry: 30.1% (2017 est.)

services: 68.7% (2017 est.)

GDP - composition, by end use

household consumption: 55.5% (2017 est.)

government consumption: 19.6% (2017 est.)

investment in fixed capital: 24% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 17.7% (2017 est.)

imports of goods and services: -16.8% (2017 est.)

Agricultural products

rice, milk, sugar beets, vegetables, eggs, poultry, potatoes, cabbages, onions, pork

Industries

among world's largest and most technologically advanced producers of motor vehicles, electronic equipment, machine tools, steel and nonferrous metals, ships, chemicals, textiles, processed foods

Industrial production growth rate

-4.33% (2020 est.)

Labor force

68.629 million (2021 est.)

Unemployment rate

2.8% (2021 est.)
2.8% (2020 est.)
2.4% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 4.4% (2021 est.)

male: 4.6%

female: 4.1%

Population below poverty line

16.1% (2013 est.)

Gini Index coefficient - distribution of family income

32.9 (2013 est.)

Average household expenditures

on food: 16% of household expenditures (2018 est.)

on alcohol and tobacco: 2.3% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.7%

highest 10%: 24.8% (2008)

Remittances

0.11% of GDP (2021 est.)
0.1% of GDP (2020 est.)
0.09% of GDP (2019 est.)

Budget

revenues: $1.756 trillion (2019 est.)

expenditures: $1.916 trillion (2019 est.)

Budget surplus (+) or deficit (-)

-3.5% (of GDP) (2017 est.)

Public debt

216.28% of GDP (2020 est.)
197.8% of GDP (2019 est.)
197.45% of GDP (2018 est.)

Taxes and other revenues

35.2% (of GDP) (2017 est.)

Fiscal year

1 April - 31 March

Current account balance

$157.743 billion (2021 est.)
$147.948 billion (2020 est.)
$176.61 billion (2019 est.)

Exports

$919.158 billion (2021 est.) note: data are in current year dollars
$794.291 billion (2020 est.) note: data are in current year dollars
$904.632 billion (2019 est.) note: data are in current year dollars

Exports - partners

China 21%, US 18%, South Korea 7%, Taiwan 7%, Thailand 4% (2021)

Exports - commodities

cars and vehicle parts, integrated circuits, general machinery, photo lab equipment, construction vehicles, semiconductors  (2021)

Imports

$941.671 billion (2021 est.) note: data are in current year dollars
$801.889 billion (2020 est.) note: data are in current year dollars
$913.248 billion (2019 est.) note: data are in current year dollars

Imports - partners

China 24%, US 10%, Australia 7%, South Korea 4%, Taiwan 4% (2021)

Imports - commodities

crude petroleum, natural gas, integrated circuits, coal, refined petroleum, iron (2021)

Reserves of foreign exchange and gold

$1.406 trillion (31 December 2021 est.)
$1.391 trillion (31 December 2020 est.)
$1.322 trillion (31 December 2019 est.)

Debt - external

$4,254,271,000,000 (2019 est.)
$3,944,898,000,000 (2018 est.)

Exchange rates

yen (JPY) per US dollar -

Exchange rates:
109.754 (2021 est.)
106.775 (2020 est.)
109.01 (2019 est.)
110.423 (2018 est.)
112.166 (2017 est.)