The nominal Japan’s per capita GDP has decreased from 40,034 USD in 2021 to 34,064 USD in 2022, marking the first time in 14 years that the country ranks last within the G7 group.
According to the figures on national assets released by Japan’s Cabinet Office on December 25, the per capita Gross Domestic Product (GDP) of the country in 2022 is 34,064 USD, marking the lowest among the Group of Seven (G7) nations due to the impact of the yen depreciation.
Reporters in Tokyo note that Japan’s per capita GDP has dropped from. 40,034 USD in 2021 to 34,064 USD in 2022. This marks the first time in 14 years that the country ranks at the bottom within the G7, falling below Italy with 34,733 USD.
Additionally, this statistic has caused Japan to slip one position among the members of the Organisation for Economic Co-operation and Development (OECD), moving from the 20th position out of 38 in 2021 to 21st out of 38 in 2022, marking the first occurrence since 1980.
The primary cause leading to this situation is the rapid depreciation of the yen in 2022, assuming exchange rate figures calculated by the Cabinet Office. The assumed exchange rate between the yen and the USD in 2022 is 131.4 yen to 1 USD, while this rate was 109.8 yen to 1 USD in 2021.
According to the aforementioned data, Japan’s nominal GDP is 4.26 trillion USD in 2022, accounting for 4.2% of the global GDP, maintaining its position as the world’s third-largest economy after the United States and China.
This marks the lowest proportion since data comparison in 1980 and has halved compared to the 2005 ratio of 10.1%. Meanwhile, Germany closely follows Japan’s third position with a nominal GDP of 4.082 trillion USD, accounting for 4.0%.
As per the October projection from the International Monetary Fund (IMF), Japan’s nominal GDP measured in USD for the year 2023 is anticipated to decrease, resulting in Japan relinquishing its status as the world’s third-largest economy to Germany.
By. Pham Thanh Bien
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