As a result, Japan is ranked third among the 196 countries we cover in terms of GDP. Japan’s GDP fell in absolute terms.
What was the 2017 GDP?
The US economy is growing at a rate of 2.3 percent. As can be seen in the ranking of GDP of the 196 nations that we publish, the United States is the world’s leading economy in terms of GDP, with a total of $19,479,600 million in 2017.
What was the gross domestic product in 2016 and 2017?
In 2017, real GDP increased by 2.3 percent (from the 2016 annual level to the 2017 annual level), compared to 1.5 percent in 2016. (table 1).
In 2017, positive contributions from PCE, nonresidential fixed investment, and exports accounted for the majority of the rise in real GDP. A decrease in private inventory investment somewhat countered these contributions. Imports, which are deducted from GDP calculations, increased (table 2).
The increase in real GDP between 2016 and 2017 was due to increases in nonresidential fixed investment and exports, as well as a lesser drop in private inventory investment. Residential fixed investment and state and local government spending both slowed, partially offsetting these trends. Imports, which are deducted from GDP, increased at a faster rate.
In 2017, current-dollar GDP climbed 4.1 percent, or $761.7 billion, to $19,386.2 billion, compared to a 2.8 percent, or $503.8 billion, growth in 2016. (table 1 and table 3).
In 2017, the price index for gross domestic purchases climbed by 1.8 percent, compared to 1.0 percent in 2016. (table 4). The PCE price index grew 1.7 percent, compared to 1.2 percent in the previous quarter. The PCE price index grew 1.5 percent excluding food and energy expenses, compared to 1.8 percent overall (appendix table A).
Real GDP increased by 2.5 percent in 2017 (measured from the fourth quarter of 2016 to the fourth quarter of 2017), compared to 1.8 percent in 2016. During 2017, the price index for gross domestic purchases climbed by 1.9 percent, compared to 1.4 percent in 2016. (table 7).
The next release is scheduled for March 28, 2018 at 8:30 a.m. EDT Corporate Profits: Fourth Quarter and Annual 2017 (Third Estimate); Gross Domestic Product: Fourth Quarter and Annual 2017 (Third Estimate).
What was the gross domestic product in 2018?
According to the Bureau of Economic Analysis’ “third” estimate, real gross domestic product (GDP) increased at an annual rate of 2.2 percent in the fourth quarter of 2018 (table 1). Real GDP climbed by 3.4 percent in the third quarter.
The most recent GDP estimate is based on more extensive source data than the “initial” estimate given last month. The growth in real GDP was first estimated to be 2.6 percent. The overall picture of economic growth has not changed with this estimate for the fourth quarter; personal consumption expenditures (PCE), state and local government spending, and nonresidential fixed investment have all been revised lower; imports, which are a subtraction in the calculation of GDP, have also been revised lower (see “Updates to GDP” on page 2).
In the fourth quarter, real gross domestic income (GDI) climbed by 1.7 percent, compared to 4.6 percent in the third quarter. In the fourth quarter, the average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, climbed 1.9 percent, compared to a 4.0 percent gain in the third quarter (table 1).
Personal consumption expenditures (PCE), nonresidential fixed investment, exports, private inventory investment, and federal government spending all contributed to the increase in real GDP in the fourth quarter. Negative contributions from household fixed investment and state and local government spending partially offset these gains. Imports, which are deducted from GDP calculations, increased (table 2).
The fourth-quarter slowdown in real GDP growth was due to decreases in private inventory investment, PCE, and federal government spending, as well as a decrease in state and local government spending. An increase in exports and a speeding up of nonresidential fixed investment partially compensated these developments. Imports grew at a slower pace in the fourth quarter than in the third.
In the fourth quarter, current dollar GDP climbed by 4.1 percent, or $206.9 billion, to $20.87 trillion. GDP in current dollars climbed by 4.9 percent, or $246.3 billion, in the third quarter (table 1 and table 3).
In the fourth quarter, the price index for gross domestic purchases grew 1.7 percent, compared to 1.8 percent in the third quarter (table 4). The PCE price index climbed by 1.5 percent, compared to a 1.6 percent increase in the previous quarter. The PCE price index grew 1.8 percent excluding food and energy expenses, compared to 1.6 percent overall.
PCE, state and local government spending, and nonresidential fixed investment were all revised down 0.4 percentage point in the fourth quarter, partially offset by a downward revision to imports. See the Technical Note for further information. Each version comes with a thorough “Key Source Data and Assumptions” file. See the “Additional Information” section below for more information on GDP updates.
In 2018, real GDP increased by 2.9 percent (from the 2017 annual level to the 2018 annual level), compared to a 2.2 percent increase in 2017. (table 1).
PCE, nonresidential fixed investment, exports, federal government spending, private inventory investment, and state and local government expenditure all contributed to the increase in real GDP in 2018, which was partially offset by a minor negative contribution from residential fixed investment. Imports, which are deducted from GDP calculations, increased (table 2).
The increase in real GDP between 2017 and 2018 was primarily due to increases in nonresidential fixed investment, private inventory investment, federal government spending, exports, and PCE, as well as an increase in state and local government spending, which was partially offset by a decline in residential investment.
GDP in current dollars climbed 5.2 percent, or $1.01 trillion, to $20.49 trillion in 2018, compared to 4.2 percent, or $778.2 billion, in 2017. (table 1 and table 3).
In 2018, real GDP increased by 2.4 percent, compared to 2.3 percent in 2017. (table 1).
In 2018, the price index for gross domestic purchases climbed by 2.2 percent, compared to 1.9 percent in 2017. (table 4). The PCE price index grew 2.0 percent, compared to 1.8 percent in the previous quarter. The PCE price index grew 1.9 percent excluding food and energy expenses, compared to 1.6 percent overall (table 4).
Real GDP climbed 3.0% from the fourth quarter of 2017 to the fourth quarter of 2018. This is compared to a 2.5 percent gain in 2017. In 2018, the price index for gross domestic purchases climbed by 2.1 percent, compared to 1.9 percent in 2017. In 2018, real GDP increased by 2.7 percent, compared to 2.3 percent in 2017. (table 6).
In the fourth quarter, profits from current production (business profits adjusted for inventory valuation and capital consumption) fell $9.7 billion, compared to a rise of $78.2 billion in the third quarter.
Domestic financial firm profits fell $25.2 billion in the fourth quarter, compared to a $6.1 billion drop in the third quarter. Domestic nonfinancial corporations’ profits climbed by $13.6 billion, compared to a gain of $83.0 billion for financial corporations. Profits in the rest of the world climbed by $1.9 billion, compared to a $1.3 billion increase in the United States. Receipts climbed by $8.8 billion in the fourth quarter, while payments increased by $6.9 billion.
What will Japan’s GDP be in 2022?
According to our econometric models, Japan’s GDP will trend around 5500.00 USD Billion in 2022 and 5900.00 USD Billion in 2023 in the long run. The gross domestic product (GDP) is a measure of a country’s economic output and income.
What accounts for Japan’s high GDP?
Japan has one of the world’s largest and most sophisticated economies. It boasts a highly educated and hardworking workforce, as well as a huge and affluent population, making it one of the world’s largest consumer marketplaces. From 1968 to 2010, Japan’s economy was the world’s second largest (after the United States), until China overtook it. Its GDP was expected to be USD 4.7 trillion in 2016, and its population of 126.9 million has a high quality of life, with a per capita GDP of slightly under USD 40,000 in 2015.
Japan was one of the first Asian countries to ascend the value chain from inexpensive textiles to advanced manufacturing and services, which now account for the bulk of Japan’s GDP and employment, thanks to its extraordinary economic recovery from the ashes of World War II. Agriculture and other primary industries account for under 1% of GDP.
Japan had one of the world’s strongest economic growth rates from the 1960s to the 1980s. This expansion was fueled by:
- Access to cutting-edge technologies and major research and development funding
- A vast domestic market of discriminating consumers has given Japanese companies a competitive advantage in terms of scale.
Manufacturing has been the most notable and well-known aspect of Japan’s economic development. Japan is now a global leader in the production of electrical and electronic goods, automobiles, ships, machine tools, optical and precision equipment, machinery, and chemicals. However, in recent years, Japan has given some manufacturing economic advantage to China, the Republic of Korea, and other manufacturing economies. To some extent, Japanese companies have offset this tendency by shifting manufacturing production to low-cost countries. Japan’s services industry, which includes financial services, now accounts for over 75% of the country’s GDP. The Tokyo Stock Exchange is one of the most important financial centers in the world.
With exports accounting for roughly 16% of GDP, international trade plays a key role in the Japanese economy. Vehicles, machinery, and manufactured items are among the most important exports. The United States (20.2%), China (17.5%), and the Republic of Korea (17.5%) were Japan’s top export destinations in 2015-16. (7 per cent). Export growth is sluggish, despite a cheaper yen as a result of stimulus measures.
Japan’s natural resources are limited, and its agriculture sector is strictly regulated. Mineral fuels, machinery, and food are among Japan’s most important imports. China (25.6%), the United States (10.9%), and Australia (10.9%) were the top three suppliers of these items in 2015. (5.6 per cent). Recent trade and foreign investment developments in Japan have shown a significantly stronger involvement with China, which in 2008 surpassed the United States as Japan’s largest trading partner.
Recent economic changes and trade liberalization, aiming at making the economy more open and flexible, will be critical in assisting Japan in dealing with its problems. Prime Minister Abe has pursued a reformist program, called ‘Abenomics,’ since his election victory in December 2012, adopting fiscal and monetary expansion as well as parts of structural reform that could liberalize the Japanese economy.
Japan’s population is rapidly aging, reducing the size of the workforce and tax revenues while increasing demands on health and social spending. Reforming the labor market to increase participation is one of the strategies being attempted to combat this trend. Prime Minister Shinzo Abe’s ‘Three Arrows’ economic revitalisation agenda of monetary easing, ‘flexible’ fiscal policy, and structural reform propelled Japan’s growth to new heights in 2013.
Do you want to know more? Download the Japan Country Starter Pack or look through our other Indonesia information categories.
What was Japan’s Gross Domestic Product in 1945?
Between 1870 and 2008, the graph below compares changes in real per capita gross domestic output in Japan, the United States, and the United Kingdom. The figures represent the natural logs of each country’s per capita GDP in US dollar purchasing power equivalents in 1990. In 1990 US dollars, Japan’s per capita GDP in 1945, the year of its surrender in World War II, was $1,346a meager 11% of the US figure for the same year and only 47% of the per capita income Japan had in 1940, the year before it entered the war.
Under the slogan fukoku kyhei, “enrich the country, strengthen the military,” Japan embarked on a massive modernization program in the second part of the nineteenth century in order to catch up to the industrial West. The economic success of this program, which lasted through the prewar era, is seen in the increase in Japan’s per capita GDP between 1870 and 1940. Japan was steadily catching up to Britain and the United States, two of the world’s most advanced industrial economies, as the graph shows. On the eve of the Pacific War, Japan’s per capita GDP increased from 23% of Britain’s and 30% of America’s in 1870 to 42% of Britain’s and 41% of America’s.
This progress was dramatically reversed by World War II. Indeed, the war brought the modern Japanese economy back to square one in terms of per capita GDP, wiping out practically all of the gains made since the end of the nineteenth century.
What factors influence Japan’s GDP?
Agriculture generated roughly 1.01 percent of Japan’s GDP in 2019, with industry accounting for 28.75 percent and the service sector accounting for 69.3 percent. See Japan’s Gross Domestic Product for more details.
What will be Japan’s GDP per capita in 2021?
According to Trading Economics global macro models and analysts, Japan’s GDP per capita is anticipated to reach 35200.00 USD by the end of 2021. According to our econometric models, Japan’s GDP per capita will trend around 36200.00 USD in 2022 and 39100.00 USD in 2023 in the long run.
What was the gross domestic product in 2016?
In 2016, current-dollar GDP climbed 2.9 percent, or $529.0 billion, to $18,565.6 billion, compared to a 3.7 percent, or $643.5 billion, increase in 2015. (table 1 and table 3).