Economic Overview

 Latest update: April 2022 

Third largest economy in the world, Japan had a GDP worth 539,071.6 billion JPY in 2020.

The country is also a high-tech powerhouse economy in Asia: in the fiscal year 2020, the expenditures on research and development (R&D) in Japan equated to 3.59% of the country's GDP. Exports are an important growth driver of Japan, the external demand accounting for 15.53% of its total GDP in 2020.

Ministry of foreign affairs of Japan – Japanese Economy
Statistic Bureau, Survey of Research and Development, Summary of Results, 2021
World Bank, Exports of Goods and Services (% of GDP) – Japan

Due to the COVID-19 pandemic, the economy actively tumbled in 2020, with a governmental debt reaching unprecedented highs, followed by a partial bounce back in 2021, despite some remaining difficulties. A new economic package has been established, and while its effects are still to be determined, the projected result is a spur of the economy in the short run and a support of the long-term growth.

OECD, Japan – Economic survey, economic forecast, December 2021

> 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
  • COVID-19 Impact
  • Russia-Ukraine Crisis Impact
  • Forecasts
  • Annual Report
  • Further Reading
  • Relevant Organisations
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1 EUR = 158,856 JPY