The economy of Japan is the third largestof the nominal gross product. The country is a member of the so-called G-7 - the club of the most developed countries in the world. The GDP of Japan in 2015 amounted to 4123.26 billion US dollars. The state is the third largest car manufacturer. Japan is one of the most innovative countries in the world. Production in it is focused on the production of high-tech products.
From 1960 to 1990, Japan did not invest insphere of defense, and directed all means for the development of the economy. In the 1960s, the annual GDP growth was 10%, in the 70s - 5%, in the 80s - 4%. From 1978 to 2010, Japan was the second largest economy in the world. Now she lost some to China. The Japanese economic miracle allowed the country to reach and even surpass the level of the gross domestic product per capita of the most highly developed countries by the beginning of the 1990s. Now it exceeds the world average by 2 times.
The gross domestic product isthe most important indicator of the productivity of the economy. Japan's GDP in 2016 is not yet available on the websites of leading statistical agencies, there are only projected data. The International Bank gives data only for the year 2015. Thus, Japan's GDP last year amounted to 4.123.26 billion dollars. This is about 6.65% of the world's gross domestic product.
Between 1960 and 2015, the average level of GDPJapan amounted to 2,549.58 billion US dollars. A record low rate was recorded in 2012. Then GDP reached 5957.25 billion dollars. The highest rate was recorded in 1960 - 44.31 billion US dollars. For the period from 1980 to September 2016, Japan's average GDP growth was 0.48%. A record high rate was recorded in the second quarter of 1990. Then GDP growth was 3.2%. Record low level fell in 1990 - -4.1%.
For 2016, statistics is not yet available.Japan's GDP per capita at purchasing power parity in 2015 amounted to 35,804.23 US dollars. This is a record high. Between 1990 and 2015, Japan's average per capita GDP was US $ 32,904.69. A record low rate was recorded in 1990. Then it was $ 29,550.01. The highest level of gross domestic product per capita fell in 2015.
If we consider the gross domestic product by sectors in which added value is created, the picture is as follows:
Agriculture accounts for about 1.4% of the grossinternal product. Only 12% of Japanese lands are suitable for cultivation. Therefore, a system of terraces for growing crops is often used on small farms. The agriculture sector is subsidized by the state. The advantage is given to small-scale farming.
The industry of Japan is well diversified.Many advanced industries are extremely successful. Industry accounts for about 24% of gross domestic product. The main industries are the production of household appliances, cars, semiconductors, optical media, facsimile and photocopying machines. However, more and more Japanese companies are in competition with American, South Korean and Chinese manufacturers.
The service sector provides three quarters of the grossinternal product. Its most important industries are the banking sector, insurance, real estate, retail, transport, telecommunications. Four of the five most widely read newspapers in the world are Japanese. An important branch of the country's economy is also tourism. The government seeks to attract 20 million foreigners to the Summer Olympic Games, which will be held here in 2020. Also in the state the financial sector is widely developed. Tokyo Stock Exchange is the fourth largest market capitalization in the world.
In 2013, the volume of exports was 697billions of dollars. It is dominated by cars, conductors, iron and steel products, auto parts, plastic and power generating equipment. The main export partners of Japan in 2015 were the following countries: the United States (20.2%), China (17.5%), the Republic of Korea (7.1%), Hong Kong (5.6%), Thailand (4.5% ). The volume of exports in 2013 amounted to 766.6 billion US dollars. The country imports such goods as oil, liquefied natural gas, clothing, semiconductors, coal, audiovisual equipment. The main import partners are the following countries: China, USA, Australia, Republic of Korea. The volume of foreign direct investment in 2013 amounted to 1.41 trillion dollars.
