Japan’s GDP Per Capita Ranks 22nd Among OECD Members in 2023; Japan Came in Last for 2nd Consecutive Year Among G7 Countries

The Yomiuri Shimbun

21:00 JST, December 24, 2024

Japan’s gross domestic product per capita ranked 22nd among the 38 members of the Organization for Economic Cooperation and Development (OECD) in 2023, falling to $33,849 in dollar terms, according to the Cabinet Office.

Japan’s GDP per capita was lower than South Korea’s, which ranked 21st. It also came in last among the Group of Seven countries for the second consecutive year.

Japan’s 2023 ranking was its lowest since 1980, when comparable data became available.

Luxembourg came in first with $128,423, followed by Ireland and Switzerland. The United States ranked sixth.

South Korea surpassed Japan in GDP per capita at $35,563. As South Korea changed its GDP calculation standards, it was also ranked 21st in 2022, which was calculated retroactively, and Japan was revised to 22nd.

China, a non-member of the OECD, had a GDP per capita of $12,614.

Japan’s nominal GDP was boosted by rising prices in yen terms. However, the depreciation of the yen meant that it fell in dollar terms from $34,112 in 2022. Given that the yen has continued to weaken in 2024, Japan’s nominal GDP ranking is expected to decline.

Japan’s total nominal GDP in 2023 was $4.21 trillion, overtaken by Germany’s $4.53 trillion. Japan ranked fourth after the United States, China and Germany. The International Monetary Fund predicts that Japan will be surpassed by India in 2025.