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Japan
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Overview:
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National product:
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National product real growth rate:
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National product per capita:
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Inflation rate (consumer prices):
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Unemployment rate:
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Budget:
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Exports:
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Imports:
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External debt:
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Industrial production:
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Electricity:
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Industries:
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Agriculture:
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Economic aid:
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Currency:
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Exchange rates:
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Fiscal year:
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Government-industry cooperation, a strong work ethic, mastery of high
technology, and a comparatively small defense allocation (roughly 1% of GDP)
have helped Japan advance with extraordinary rapidity to the rank of second
most powerful economy in the world. Industry, the most important sector of
the economy, is heavily dependent on imported raw materials and fuels.
Usually self-sufficient in rice, Japan must import about 50% of its
requirements of other grain and fodder crops. Japan maintains one of the
world's largest fishing fleets and accounts for nearly 15% of the global
catch. Overall economic growth has been spectacular: a 10% average in the
1960s, a 5% average in the 1970s and 1980s. Economic growth came to a halt
in 1992-93 largely because of contractionary domestic policies intended to
wring speculative excesses from the stock and real estate markets. Growth
resumed at a 0.6% pace in 1994 largely because of consumer demand. As for
foreign trade, the stronger yen and slower global growth are containing
export growth. Unemployment and inflation remain remarkably low in
comparison with the other industrialized nations. Japan continues to run a
huge trade surplus - $121 billion in 1994, roughly the same size as in 1993
- which supports extensive investment in foreign assets. Prime Minister
MURAYAMA has yet to formalize his government's plans for administrative and
economic reform, including reduction in the trade surplus. As leader of a
coalition government, he has softened his own socialist positions. The
crowding of the habitable land area and the aging of the population are two
major long-run problems.
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GDP - purchasing power parity - $2.5274 trillion (1994 est.)
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0.6% (1994 est.)
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$20,200 (1994 est.)
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0.7% (1994)
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2.9% (1994)
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revenues:
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$569 billion
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expenditures:
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$671 billion, including capital expenditures (public works only) of about
$126 billion (1994 est.)
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$395.5 billion (f.o.b., 1994)
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commodities:
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manufactures 97% (including machinery 46%, motor vehicles 20%, consumer
electronics 10%)
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partners:
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Southeast Asia 33%, US 29%, Western Europe 18%, China 5%
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$274.3 billion (c.i.f., 1994)
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commodities:
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manufactures 52%, fossil fuels 20%, foodstuffs and raw materials 28%
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partners:
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Southeast Asia 25%, US 23%, Western Europe 15%, China 9%
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$NA
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growth rate 1% (1994); accounts for 30% of GDP
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capacity:
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205,140,000 kW
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production:
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840 billion kWh
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consumption per capita:
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6,262 kWh (1993)
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steel and non-ferrous metallurgy, heavy electrical equipment, construction
and mining equipment, motor vehicles and parts, electronic and
telecommunication equipment and components, machine tools and automated
production systems, locomotives and railroad rolling stock, shipbuilding,
chemicals, textiles, food processing
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accounts for only 2% of GDP; highly subsidized and protected sector, with
crop yields among highest in world; principal crops - rice, sugar beets,
vegetables, fruit; animal products include pork, poultry, dairy and eggs;
about 50% self-sufficient in food production; shortages of wheat, corn,
soybeans; world's largest fish catch of 10 million metric tons in 1991
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donor:
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ODA and OOF commitments (1970-94), $132 billion
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note:
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ODA outlay of $9.9 billion in 1994 (est.)
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yen (Y)
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yen (Y) per US$1 - 99.75 (January 1995), 102.21 (1994), 111.20 (1993),
126.65 (1992), 134.71 (1991), 144.79 (1990)
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1 April - 31 March
