he world's largest fishing fleets and accounts for nearly 15% of the
global catch. Overall economic growth has been spectacular: a 10%
average in the 1960s, a 5% average in the 1970s and 1980s. Economic
growth came to a halt in 1992-93 largely because of contractionary
domestic policies intended to wring speculative excesses from the
stock and real estate markets. At the same time, the stronger yen and
slower global growth are containing export growth. Unemployment and
inflation remain remarkably low in comparison with the other
industrialized nations. Japan continues to run a huge trade surplus -
$120 billion in 1993, up more than 10% from the year earlier - which
supports extensive investment in foreign assets. The new prime
minister HATA in early 1994 reiterated previous governments' vows of
administrative and economic reform, including reduction in the trade
surplus, but his weak coalition government faces strong resistance
from traditional interest groups. The crowding of the habitable land
area and the aging of the population are two major long-run problems.
National product:
GDP - purchasing power equivalent - $2.549 trillion (1993)
National product real growth rate:
0% (1993)
National product per capita:
$20,400 (1993)
Inflation rate (consumer prices):
1.3% (1993)
Unemployment rate:
2.5% (1993)
Budget:
revenues:
$490 billion
expenditures:
$579 billion, including capital expenditures (public works only) of
about $68 billion (FY93)
Exports:
$360.9 billion (f.o.b., 1993)
commodities:
manufactures 97% (including machinery 46%, motor vehicles 20%,
consumer electronics 10%)
partners:
Southeast Asia 33%, US 29%, Western Europe 18%, China 5%
Imports:
$240.7 billion (c.i.f., 1993)
commodities:
manufactures 52%, fossil fuels 20%, foodstuffs and raw materials 28%
partners:
Southeast Asia 25%, US 23%, Western Europe 15%, China 9%
External debt:
$NA
Industrial production:
growth rate -4% (1993); accounts for 30% of GDP
Electricity:
capacity:
196,000,000 kW
production:
835 billion kWh
consumption per capita:
6,700 kWh (1992)
Industries:
steel and non-ferrous metallurgy, heavy electrical equipment,
construction and mining equipment, motor vehicles and parts,
electronic and telecommunication equipment and components, machine
tools and automated production systems, locomotives and railroad
rolling stock, shipbuilding, chemical