Economic Overview

Third largest economy in the world, Japan had a GDP worth 5082 billion US dollars in 2019, a value that represented 4.22% of the world economy. The country is also a high-tech powerhouse economy in Asia: in fiscal year 2018, the expenditures on research and development (R&D) in Japan reached approximately 19.5 trillion Japanese yen, equating 3.6% of the country's GDP. Exports are an important growth driver of Japan, the external demand accounting for 18.5% of its total GDP in 2018.

Trading Economics, Japan GDP, 2020
Statista, Research and development (R&D) expenditures in Japan, 2020
World Bank, Exports of goods and services (% of GDP) - Japan

According to the OECD, due to decelerating worldwide trade and weaker exports, Japan's output growth has slowed down in 2017 but continued at a moderate pace throughout 2018 and 2019. Overall, Japan's economic expansion has accelerated since 2012, supported by the "Abenomics" policy. However, the exact impact of the COVID-19 crisis on Japan's economic growth remains to be assessed.

OECD, Japan – Economic Forecast Summary June, 2020

For an economic overview of each of the 47 prefectures of Japan, please see our dedicated Regions and Prefectures page.

Table of contents

  • Key Indicators
  • EU-Japan Trade Statistics
  • R&D Expenditures
  • Forecasts
  • COVID-19 Impact
  • Annual Report
  • Further Reading