Japan Economy-The Third Largest in the World
As the title suggest, Japan economy is the third largest economy in the world after the United States of America and China. However there was a dispute over the fact that Japan took the second place when the nominal GDP was taken into account.
But things were in place after the purchasing power parity factor was considered and it was confirmed that Japan was still in the third position. But it is estimated that economy of Japan would topple China in a few years and will soon take over the second position.
The interesting thing would be the battle for the first place against the United States once Japan topples China in the next few years.
The GDP Statistics:
Japan economy has a Gross Domestic Product value of 4.141 trillion dollars in terms of the Purchasing power parity while it has a GDP of 5.073 trillion dollars in terms of the nominal GDP.
These two is not of much importance because of the fact that the GDP per capita income of this relatively small island nation is a whopping 39,573 dollars. This country also faced a financial fall during the year 2009 by about five percent which marginally affected its progress. Overall the economy of Japan is a highly standard one with much
stability and liquidity.
This earthquake stricken country has lot to offer to the world with its innovative and effective economic planning. There is not much of agricultural produce in Japan; however they have a fairly good income from it as well (4% of the total GDP is contributed by the agriculture sector).
Automobiles, electronics and electrical goods form the main exports for this country. In addition to these they also export chemicals, steel products and processed foods. Japan economy is by far one of the best in terms of utilizing the available natural resources and also in making effective use of their imports.