The Cabinet Office announced on the 15th that the preliminary figure for nominal gross domestic product (GDP, seasonally adjusted) for 2023 was 4.2106 trillion dollars, falling from 3rd to 4th place in the world, overtaken by Germany. . Japan’s nominal GDP per capita has already fallen to the bottom of the Group of Seven developed countries (G7) as of 2022. According to our calculations, the amount in 2023 is about $240 lower than the previous year, which could result in a drop in ranking from 2022, when it ranked 21st among Organization for Economic Co-operation and Development (OECD) member countries.
◆Abenomics has led to a weaker yen, which has declined since 2013.
According to a comparison of OECD member countries published by the Cabinet Office, Japan was ranked 10th in 2012, higher than Germany (16th), but it has dropped to 18th to 20th in 2013 due to the depreciation of the yen due to Abenomics. subsidence. At this time, Germany had already surpassed Germany in per capita GDP.
In 2022, when the yen was at a historic low level, the amount decreased by about $6,000 from the previous year to $34,064. The ranking was also surpassed by Italy ($34,733), which was last in the G7, and fell to 21st place, the lowest since 1980 when comparisons were made.
In 2023, Japan’s nominal GDP was approximately $33,820, calculated from the nominal GDP of $4,210.6 billion and the Ministry of Internal Affairs and Communications’ population statistics (including rough estimates). South Korea, whose economy continues to grow despite slowing down due to factors such as a slump in semiconductors, is close behind.
On the other hand, India and China, which are rapidly growing in terms of overall GDP, have overwhelmingly larger populations than Japan, so their per capita performance is worse. (Akushi Yamada)