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Japan's economy ranking: GDP & GDP per capita, debt

Updated on by Georank team

Japan ranked 4/197 by economy size with a GDP of $4.03T and 37/197 by GDP per capita at $32,476. Japan has $9.53T in government debt, with a debt-to-GDP ratio of 234.9%.

In 2025, Japan made up 3.62% of the world's economy, compared to 3.47% in 1960.

The chart below shows GDP in nominal terms, GDP adjusted for inflation (in constant dollars), and a bar chart of year-over-year inflation-adjusted growth.

GDP, current $
GDP, constant 2015 $
GDP growth
Year GDP GDP growth
Current $ Constant $
1960 $47,419,238,274 $595,545,661,031 -
1961 $57,266,758,180 $667,270,419,544 20.8%
1962 $64,987,857,542 $726,717,361,028 13.5%
1963 $74,379,284,603 $788,296,791,336 14.5%
1964 $87,490,590,818 $880,343,907,381 17.6%
1965 $97,338,107,606 $931,577,351,069 11.3%
1966 $113,046,784,179 $1,030,683,781,033 16.1%
1967 $132,475,614,227 $1,144,905,624,565 17.2%
1968 $156,897,496,759 $1,292,397,726,863 18.4%
1969 $184,298,841,305 $1,453,661,751,929 17.5%
1970 $217,223,652,719 $1,459,462,598,522 17.9%
1971 $245,364,056,622 $1,528,042,629,883 13%
1972 $324,933,841,269 $1,656,605,218,635 32.4%
1973 $441,460,582,536 $1,789,673,689,006 35.9%
1974 $490,035,789,970 $1,767,745,894,180 11%
1975 $532,861,438,885 $1,822,397,100,508 8.74%
1976 $598,883,902,156 $1,894,837,095,325 12.4%
1977 $737,069,290,928 $1,978,026,847,419 23.1%
1978 $1,035,611,588,217 $2,082,307,265,730 40.5%
1979 $1,077,910,077,676 $2,196,501,867,257 4.08%
1980 $1,129,377,244,854 $2,258,390,310,743 4.77%
1981 $1,245,221,410,764 $2,354,611,841,484 10.3%
1982 $1,158,731,426,906 $2,431,837,052,476 -6.95%
1983 $1,270,859,919,743 $2,520,117,566,448 9.68%
1984 $1,345,824,500,837 $2,631,276,932,032 5.9%
1985 $1,427,019,759,717 $2,767,045,767,160 6.03%
1986 $2,120,083,812,110 $2,858,193,572,218 48.6%
1987 $2,580,748,422,781 $2,991,067,029,861 21.7%
1988 $3,125,724,434,401 $3,190,321,043,523 21.1%
1989 $3,109,455,047,824 $3,347,469,412,118 -0.52%
1990 $3,185,904,656,664 $3,509,518,031,563 2.46%
1991 $3,648,065,760,649 $3,633,170,889,061 14.5%
1992 $3,980,702,922,118 $3,665,890,719,857 9.12%
1993 $4,536,940,479,038 $3,649,056,226,896 14%
1994 $4,998,797,547,741 $3,688,589,488,079 10.2%
1995 $5,545,563,663,890 $3,785,636,263,362 10.9%
1996 $4,923,391,533,852 $3,904,273,220,110 -11.2%
1997 $4,492,448,605,639 $3,942,583,070,732 -8.75%
1998 $4,098,362,709,531 $3,892,499,235,708 -8.77%
1999 $4,635,982,224,064 $3,879,501,014,657 13.1%
2000 $4,968,359,075,957 $3,986,755,544,464 7.17%
2001 $4,374,711,694,091 $4,002,148,544,213 -11.9%
2002 $4,182,846,045,874 $4,003,827,945,767 -4.39%
2003 $4,519,561,645,254 $4,065,291,729,517 8.05%
2004 $4,893,116,005,657 $4,154,163,710,039 8.27%
2005 $4,831,467,035,390 $4,229,100,705,436 -1.26%
2006 $4,601,663,122,650 $4,287,138,774,362 -4.76%
2007 $4,579,750,920,355 $4,350,758,602,406 -0.48%
2008 $5,106,679,115,127 $4,297,492,743,393 11.5%
2009 $5,289,493,117,994 $4,052,826,324,004 3.58%
2010 $5,759,071,769,013 $4,218,907,820,179 8.88%
2011 $6,233,147,172,341 $4,219,912,322,040 8.23%
2012 $6,272,362,996,105 $4,277,925,608,846 0.63%
2013 $5,212,328,181,166 $4,363,702,302,793 -16.9%
2014 $4,896,994,405,353 $4,376,627,829,635 -6.05%
2015 $4,444,930,651,964 $4,444,930,651,964 -9.23%
2016 $5,003,677,627,544 $4,478,437,728,050 12.6%
2017 $4,930,837,369,151 $4,553,466,417,290 -1.46%
2018 $5,040,880,939,325 $4,582,763,011,479 2.23%
2019 $5,117,993,853,017 $4,564,332,550,096 1.53%
2020 $5,054,068,005,376 $4,374,056,271,824 -1.25%
2021 $5,039,148,168,861 $4,492,005,937,827 -0.3%
2022 $4,262,463,317,797 $4,534,320,578,756 -15.4%
2023 $4,213,167,237,906 $4,601,203,385,714 -1.16%
2024 $4,026,210,821,147 $4,605,054,526,892 -4.44%

Economic Statistics of Japan

Japan Rank
Gross domestic product
$4.03T
2024
4/197
GDP growth
-4.44%
2023-2024
186/196
GDP per capita
$32,476
2024
37/197
GDP per capita, PPP
$51,685
2024
40/197
Government debt
$9.53T
2024
3/185
Debt-to-GDP ratio
234.9%
2025
3/185
Government debt per person
$76,857
2024
3/185
Average annual personal income after taxes
$23,719
2025
35/197
Listed domestic companies
3,971
2024
4/103
Market capitalization of domestic companies
$6.31T
2024
3/100
Number of millionaires
2,827,956
2024
5/34
Millionaire frequency
1 in 37
2024
18/34
Number of billionaires
42
2025
15/78
Billionaire frequency
1 in 2,479,392
2025
50/78
Income share by richest 10%
23.9%
2020
139/169
Income share by poorest 10%
2.4%
2020
108/169
Government expenditure, % of GDP
39.6%
2025
53/195
Consumer prices inflation
2.74%
2023-2024
119/195
Central bank interest rate
0.5%
2025
102/105
Unemployment rate
2.5%
2024
165/196
Population
123324642
12/197

Japan's GDP per capita

Japan has a GDP per capita of $32,476, ranking 37/197, a GDP per capita based on purchasing power parity (PPP) of $51,685, ranking 40/197, and a median annual after tax income of $23,719, ranking 35/197.

GDP per capita
GDP per capita, PPP
Year Current $
GDP per capita GDP per capita, PPP
1960 $509 -
1961 $609 -
1962 $685 -
1963 $776 -
1964 $903 -
1965 $994 -
1966 $1,144 -
1967 $1,326 -
1968 $1,553 -
1969 $1,803 -
1970 $2,101 -
1971 $2,321 -
1972 $3,031 -
1973 $4,061 -
1974 $4,448 -
1975 $4,776 -
1976 $5,310 -
1977 $6,473 -
1978 $9,012 -
1979 $9,301 -
1980 $9,669 -
1981 $10,583 -
1982 $9,780 -
1983 $10,652 -
1984 $11,207 -
1985 $11,809 -
1986 $17,452 -
1987 $21,142 -
1988 $25,500 -
1989 $25,266 -
1990 $25,801 $19,913
1991 $29,428 $21,228
1992 $31,993 $21,826
1993 $36,345 $22,169
1994 $39,934 $22,823
1995 $44,198 $23,859
1996 $39,150 $25,001
1997 $35,638 $25,620
1998 $32,424 $25,510
1999 $36,610 $25,736
2000 $39,169 $27,287
2001 $34,406 $27,942
2002 $32,821 $28,624
2003 $35,387 $29,392
2004 $38,299 $30,831
2005 $37,813 $32,170
2006 $35,992 $33,635
2007 $35,779 $35,016
2008 $39,876 $35,274
2009 $41,309 $33,547
2010 $44,968 $35,335
2011 $48,760 $36,214
2012 $49,145 $37,606
2013 $40,899 $39,402
2014 $38,475 $39,555
2015 $34,961 $40,907
2016 $39,375 $40,597
2017 $38,834 $41,444
2018 $39,751 $42,142
2019 $40,416 $42,678
2020 $40,029 $42,426
2021 $40,095 $44,355
2022 $34,066 $47,396
2023 $33,836 $49,897
2024 $32,476 $51,685

Japan's government spending, deficit, and chart

This chart shows Japan's government spending, budget balance, and debt over time, each expressed as a share of GDP.

Over the past 50 years, Japan recorded a fiscal deficit in 45 years — average annual deficit equal to -4.21% of GDP. In 2024, government spending reached $1.59T (39.6% of GDP), with a deficit of -2.85%.

The national debt reached $9.53T, ranking 3rd out of 185 countries by total size, with a debt-to-GDP ratio of 234.9%, ranking 3rd.

Government spending
Government debt
Deficit/surplus
Year % of GDP
Government spending Government debt Government deficit/surplus
1875 1.28% 10.3% 0.005%
1876 1.54% 10.2% -0.42%
1877 1.32% 46.8% -0.29%
1878 1.03% 42.6% 0.02%
1879 0.79% 32.9% 0.02%
1880 0.86% 34% 0.004%
1881 0.9% 31% 0.001%
1882 0.98% 32.2% 0.001%
1883 1.14% 32.1% 0.03%
1884 1.03% 32.6% 0.001%
1885 0.76% 30.6% 0.01%
1886 1.04% 31.2% 0.03%
1887 0.97% 31.3% 0.11%
1888 0.94% 29.7% 0.13%
1889 0.83% 27.2% 0.18%
1890 0.78% 26.1% 0.74%
1891 0.73% 24.1% 0.61%
1892 0.68% 24.7% 0.63%
1893 0.7% 22.4% 0.6%
1894 1.27% 24.4% -0.24%
1895 1.51% 26.4% 0.28%
1896 1.01% 24.6% 0.88%
1897 1.31% 21.5% 0.33%
1898 1.44% 18.8% 0.6%
1899 1.69% 21.9% 0.2%
1900 1.01% 21.5% 0.53%
1901 1.23% 22.9% 0.21%
1902 1.34% 23% 0.44%
1903 1.26% 22.9% 0.19%
1904 2.48% 35.6% -0.81%
1905 2.98% 68.5% -0.68%
1906 2.9% 70.5% 0.46%
1907 2.7% 61.6% 1.77%
1908 2.28% 60.9% 1.63%
1909 2.14% 70.1% 1.51%
1910 3.12% 70.8% 1.57%
1911 2.09% 61.4% 1.21%
1912 1.97% 57.6% 1.27%
1913 2.1% 53.6% 1.21%
1914 2.03% 55.9% 1.31%
1915 1.8% 53.2% 1.41%
1916 1.56% 43.3% 1.37%
1917 1.36% 33.4% 1.54%
1918 1.36% 27.5% 1.58%
1919 1.69% 22.6% 1.21%
1920 1.93% 25.6% 1.19%
1921 2.08% 29.1% 1.43%
1922 2.16% 29.6% 0.89%
1923 2.32% 33.8% 0.87%
1924 2.48% 33.1% 0.84%
1925 2.01% 33.4% 0.75%
1926 2.02% 35.2% 0.65%
1927 2.21% 36.7% 0.58%
1928 2.29% 39.1% 0.42%
1929 2.29% 40.4% 0.5%
1930 2.89% 49.4% 0.19%
1931 2.8% 56.3% 0.23%
1932 3.28% 60.7% 0.31%
1933 3.54% 62.2% 0.28%
1934 3.64% 62.4% 0.34%
1935 3.48% 62.9% 0.26%
1936 4.74% 63.5% 0.34%
1937 3.93% 57% 0.71%
1938 4.9% 66.9% 0.45%
1939 3.71% 71.2% 0.11%
1940 3.99% 78.7% 0.31%
1941 5.1% 93.1% -0.19%
1942 5.88% 105.1% -0.13%
1943 7.44% 133.4% 0.32%
1944 - 204% 0.32%
1945 - - 0.32%
1946 - 56% 0.32%
1947 11.8% 27.5% 6.09%
1948 15% 19.7% 7.53%
1949 18% 18.9% 12.5%
1950 15.9% 14% 6.99%
1951 17.2% 11.9% 5.06%
1952 19.1% 13.2% 2.22%
1953 19.8% 12.1% 1.65%
1954 19.5% 11.9% 0.7%
1955 19.6% 12.3% -0.67%
1956 18.2% 10.4% 1.39%
1957 18% 8.77% 1.27%
1958 18.7% 9.08% -0.1%
1959 17.3% 9.02% 0.97%
1960 18.4% 10.4% 1.85%
1961 18.2% 8.44% 2.58%
1962 19.4% 9.01% 1.49%
1963 20% 8.66% 1.08%
1964 19.8% 8.53% 0.85%
1965 20.4% 9.78% 0.48%
1966 20.8% 11.2% -0.34%
1967 19.9% 11.4% 0.8%
1968 20.1% 11.8% 0.88%
1969 19.8% 11.4% 1.26%
1970 20.2% 11.2% 1.74%
1971 21.8% 12.6% 1.21%
1972 23.1% 16.3% -0.13%
1973 23.3% 15.9% 0.56%
1974 25.5% 16.7% 0.38%
1975 28.5% 20.9% -2.92%
1976 29.1% 26.1% -3.89%
1977 30.4% 31.1% -4.02%
1978 32.1% 39% -5.79%
1979 33.2% 43.8% -5%
1980 33.5% 47.8% -4.66%
1981 31.5% 52.8% -3.85%
1982 31.7% 57.7% -3.81%
1983 31.8% 63.5% -3.95%
1984 31.2% 65.6% -2.62%
1985 30.4% 68.3% -1.37%
1986 30.4% 74.1% -1.36%
1987 30.6% 75.8% -0.36%
1988 29.9% 71.9% 0.49%
1989 29.2% 65.7% 1.23%
1990 29.5% 63.2% 1.96%
1991 29.3% 62.4% 1.67%
1992 30.3% 66.8% 0.57%
1993 32.1% 72.8% -2.39%
1994 32.8% 84.4% -3.76%
1995 33.4% 92.5% -4.3%
1996 33.8% 98.1% -4.87%
1997 33.1% 105% -3.53%
1998 38.6% 116% -10%
1999 35.6% 129.5% -6.75%
2000 36% 135.6% -7.28%
2001 35.2% 145.1% -6.2%
2002 35.4% 154.1% -7.34%
2003 35% 160% -7.43%
2004 33.7% 169.5% -5.31%
2005 33.5% 174.6% -4.44%
2006 33.1% 174.1% -3.03%
2007 33.1% 173% -2.9%
2008 34.1% 180.9% -4.11%
2009 38.7% 198.8% -9.69%
2010 37.7% 205.9% -9.08%
2011 38.6% 219.2% -8.99%
2012 38.6% 226.1% -8.2%
2013 38.8% 229.5% -7.61%
2014 38.4% 233.3% -5.62%
2015 37.3% 228.3% -3.68%
2016 37.2% 232.4% -3.6%
2017 36.7% 231.3% -3.1%
2018 36.7% 232.4% -2.47%
2019 37.3% 236.4% -3.04%
2020 44.5% 258.4% -9.08%
2021 42.5% 253.7% -6.13%
2022 41.8% 248.3% -4.24%
2023 39.1% 240% -2.26%
2024 39.4% 236.7% -2.48%
2025 39.6% 234.9% -2.85%

Inflation rate by year

Over the past 20 years, Japan has had an average annual inflation rate of 0.65%. In 2024, inflation was 2.74%. The bar chart below shows consumer price inflation by year.

Year Inflation
1960 3.57%
1961 5.37%
1962 6.84%
1963 6.71%
1964 3.8%
1965 6.66%
1966 5.04%
1967 3.99%
1968 5.34%
1969 5.25%
1970 6.92%
1971 6.4%
1972 4.84%
1973 11.6%
1974 23.2%
1975 11.7%
1976 9.37%
1977 8.16%
1978 4.21%
1979 3.7%
1980 7.78%
1981 4.91%
1982 2.74%
1983 1.9%
1984 2.26%
1985 2.03%
1986 0.6%
1987 0.13%
1988 0.68%
1989 2.27%
1990 3.08%
1991 3.25%
1992 1.76%
1993 1.24%
1994 0.7%
1995 -0.13%
1996 0.14%
1997 1.75%
1998 0.66%
1999 -0.34%
2000 -0.68%
2001 -0.74%
2002 -0.92%
2003 -0.26%
2004 -0.009%
2005 -0.28%
2006 0.25%
2007 0.06%
2008 1.38%
2009 -1.35%
2010 -0.73%
2011 -0.27%
2012 -0.04%
2013 0.34%
2014 2.76%
2015 0.8%
2016 -0.13%
2017 0.48%
2018 0.99%
2019 0.47%
2020 -0.02%
2021 -0.23%
2022 2.5%
2023 3.27%
2024 2.74%

Balance of trade

Japan Rank
Current account balance
$194B
2024
3/189
Current account balance, % of GDP
+4.82%
2024
32/189
Goods imports
$719B
2024
7/188
Goods exports
$694B
2024
5/188
Service imports
$246B
2024
9/188
Service exports
$228B
2024
10/188
Imports of goods and services, % of GDP
23.3%
2023
155/180
Exports of goods and services, % of GDP
21.9%
2023
143/193

Japan's top 10 trading partners

Japan's biggest trading partner accounting for 20.3%% of all exports and imports is the United States, with a trade balance between the two of +$40.9B — Japan exports $187B worth of goods and services to the United States and imports $147B.

Below is the list of the top 10 trade partners of Japan.

Rank Country Trade value Share of total trade Export to Import from Top export to Top import from
1 United States $334B 20.3% $187B $147B Machinery & equipment Business & finance services
2 China $318B 19.3% $140B $179B Machinery & equipment Machinery & equipment
3 South Korea $87.7B 5.32% $51B $36.7B Machinery & equipment Machinery & equipment
4 Australia $72.1B 4.38% $17.3B $54.8B Machinery & equipment Raw materials & minerals
5 Singapore $68.1B 4.14% $33.7B $34.5B Machinery & equipment Business & finance services
6 Thailand $60B 3.64% $33.1B $26.8B Machinery & equipment Machinery & equipment
7 UAE $53B 3.22% $14.4B $38.6B Machinery & equipment Raw materials & minerals
8 Germany $50.6B 3.07% $22.3B $28.4B Machinery & equipment Machinery & equipment
9 United Kingdom $48.1B 2.92% $26.9B $21.3B Business & finance services Business & finance services
10 Vietnam $47.7B 2.89% $19.4B $28.2B Machinery & equipment Machinery & equipment

Japan's top 10 exports

Japan Rank
Machinery & equipment $426B 5/193
Chemicals & pharma $72B 11/193
Transport & tourism services $68.8B 13/188
Miscellaneous $60.9B 4/191
Business & finance services $58.5B 10/188
IT & IP services $56.8B 6/183
Metals $56.3B 5/192
Raw materials & minerals $30.6B 38/193
Textiles & consumer goods $24.7B 15/193
Precious metals & jewellery $24.3B 13/190

Japan's top 10 imports

Japan Rank
Machinery & equipment $236B 10/193
Raw materials & minerals $212B 4/193
Business & finance services $100B 6/188
Chemicals & pharma $75.7B 10/193
Textiles & consumer goods $62.9B 6/193
IT & IP services $49.8B 5/182
Transport & tourism services $48.7B 16/188
Metals $33.6B 12/193
Processed food, beverages & tobacco $29.2B 10/193
Animal & marine products $22.7B 5/193

Economic freedom indices

Japan Rank
Economic freedom 70.2 32/197
Property rights 95.1 12/182
Government integrity 82.8 12/182
Judicial effectiveness 96 12/182
Tax burden 62.5 162/181
Government spending 47.5 141/180
Fiscal health 41.6 136/181
Business freedom 78 42/182
Labor freedom 67.8 22/182
Monetary freedom 74.4 54/180
Trade freedom 76.2 67/181
Investment freedom 60 74/181
Financial freedom 60 49/181

Japan's economic freedom by year

Japan is ranked 26/180 for economic freedom with a score of 70.2, compared to 31/163 and a score of 67.3 in 2005.

Economic freedom
Judicial effectiveness
Tax burden
Government spending
Fiscal health
Year Index
Economic freedom Judicial effectiveness Tax burden Government spending Fiscal health
1995 75 - 53.6 67.7 -
1996 72.6 - 53.6 63.9 -
1997 70.3 - 54.2 63 -
1998 70.2 - 53.8 60.9 -
1999 69.1 - 53.9 59.8 -
2000 70.7 - 70.1 63.3 -
2001 70.9 - 70.4 58.9 -
2002 66.7 - 70.7 54.4 -
2003 67.6 - 70.3 56.7 -
2004 64.3 - 62.4 55.1 -
2005 67.3 - 70.7 57.6 -
2006 73.3 - 70.9 58.3 -
2007 72.7 - 70.9 58.3 -
2008 73 - 70.3 56.2 -
2009 72.8 - 67.5 61.1 -
2010 72.9 - 67.2 61.1 -
2011 72.8 - 67 58.7 -
2012 71.6 - 67.1 47 -
2013 71.8 - 69.2 45 -
2014 72.4 - 69.2 47.1 -
2015 73.3 - 68.7 47.1 -
2016 73.1 - 68.5 46.2 -
2017 69.6 73.8 68.5 52.3 9.5
2018 72.3 73.2 67.4 54.1 49.3
2019 72.1 68.5 68.2 55 55.7
2020 73.3 71.4 68.3 55.8 62
2021 74.1 75.5 67.8 57.8 67.5
2022 69.9 95.3 67.4 52.5 19.7
2023 69.3 80.7 68.1 48.4 18.1
2024 67.5 93.6 63.3 42.5 0
2025 70.2 96 62.5 47.5 41.6

More economic indicators

Japan Rank
Services, % of GDP
69.8%
2023
26/191
Industry, % of GDP
28.6%
2023
68/194
Agriculture, forestry, and fishing, % of GDP
0.94%
2023
173/193
GNI, Atlas method
$4.47T
2024
4/194
GNI per capita, PPP
$55,120
2024
32/191
Total reserves including gold
$1.23T
2024
2/177
Net foreign direct investment
$191B
2024
1/188
Net inflows of foreign direct investment
$17.2B
2024
24/193
Net outflows of foreign direct investment
$208B
2024
2/187
Poverty at national poverty lines
16.1%
2020
123/176
Gross capital formation, % of GDP
26.2%
2023
60/176

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GDP per capita map

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The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.