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. Growth resumed at a 0.6% pace in 1994
largely because of consumer demand. As for foreign trade, 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 - $121 billion in 1994, roughly the same size as in 1993 -
which supports extensive investment in foreign assets. Prime Minister
MURAYAMA has yet to formalize his government's plans for
administrative and economic reform, including reduction in the trade
surplus. As leader of a coalition government, he has softened his own
socialist positions. The crowding of the habitable land area and the
aging of the population are two major long-run problems.

National product: GDP - purchasing power parity - $2.5274 trillion
(1994 est.)

National product real growth rate: 0.6% (1994 est.)

National product per capita: $20,200 (1994 est.)

Inflation rate (consumer prices): 0.7% (1994)

Unemployment rate: 2.9% (1994)

Budget:
revenues: $569 billion
expenditures: $671 billion, including capital expenditures (public
works only) of about $126 billion (1994 est.)

Exports: $395.5 billion (f.o.b., 1994)
commodities: manufactures 97% (including machinery 46%, motor vehicles
20%, consumer electronics 10%)
partners: Southeast Asia 33%, US 29%, Western Europe 18%, China 5%

Imports: $274.3 billion (c.i.f., 1994)
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 1% (1994); accounts for 30% of GDP

Electricity:
capacity: 205,140,000 kW
production: 840 billion kWh
consumption per capita: 6,262 kWh (1993)

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, chemicals, textiles, food
processing

Agriculture: accounts for only 2% of GDP; highly subsidized and
prote