The Japanese Cabinet Office recently released data regarding nominal GDP per capita for 2021. According to the report, Japan’s nominal GDP per capita in 2021 was $39,803, ranking 20th among the 38 member countries of the Organization for Economic Cooperation and Development (OECD), down from 19th place in 2020. Japan’s sluggish per capita income growth and weak personal consumption have become significant factors slowing overall economic growth.
This marks Japan’s return to 20th place for the first time in three years since 2018. In 2020, France ranked 20th, but in 2021, France surpassed Japan. The French economy has recovered from the impact of the COVID-19 pandemic, with growth in personal consumption. France’s GDP per capita increased from $38,807 in 2020 to $43,360 in 2021.
Japan’s GDP per capita in 2020 was $39,984. Compared to 2020, the depreciation of the yen also contributed to a decrease in the GDP per capita when calculated in dollars.
In 2005, Japan’s GDP per capita ranked 13th, but over the long term, Japan’s position has been on a downward trend.
In terms of total nominal GDP, Japan’s nominal GDP in 2021 was $5.0037 trillion, accounting for 5.2% of global GDP. While Japan remains the third-largest economy in the world, this proportion is the lowest in history, compared to 5.8% in 2019. In 2010, Japan was overtaken by China and dropped to the third position. Japan’s share of global GDP was 10.1% in 2005, and it has halved over the past 16 years.
