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TIME: Almanac 1990
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1990 Time Magazine Compact Almanac, The (1991)(Time).iso
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japan.4
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1991-04-08
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Economy
Overview: Although Japan has few natural resources, since 1971
it has become the world's third-largest industrial economy,
ranking behind only the US and the USSR. Government-industry
cooperation, a strong work ethic, and a comparatively small
defense allocation have helped Japan advance rapidly, notably
in high-technology fields. Industry, the most important
sector of the economy, is heavily dependent on imported
raw materials and fuels. Self-sufficent in rice, Japan must
import 50% of its requirements for other grain and fodder
crops. Japan maintains one of the world's largest fishing
fleets and accounts for nearly 15% of the total global catch.
Overall economic growth has been spectacular: a 10% average
in the 1960s, a 5% average in the 1970s and 1980s. In 1989
strong investment and consumption spending helped maintain
growth at nearly 5%. Inflation remains low at 2.1% despite
high oil prices and a somewhat weaker yen. Japan continues
to run a huge trade surplus, $60 billion in 1989, which
supports extensive investment in foreign properties.
GNP: $1,914.1 billion, per capita $15,600; real growth rate 4.8%
(1989 est.).
Inflation rate (consumer prices): 2.1% (1989).
Unemployment rate: 2.3% (1989).
Budget: revenues $392 billion; expenditures $464 billion,
including capital expenditures of $NA (FY89).
Exports: $270 billion (f.o.b., 1989); commodities--manufactures
97% (including machinery 38%, motor vehicles 17%, consumer
electronics 10%); partners--US 34%, Southeast Asia 22%,
Western Europe 21%, Communist countries 5%, Middle East 5%.
Imports: $210 billion (c.i.f., 1989); commodities--manufactures
42%, fossil fuels 30%, foodstuffs 15%, nonfuel raw materials
13%; partners--Southeast Asia 23%, US 23%, Middle East 15%,
Western Europe 16%, Communist countries 7%.
External debt: $NA.
Industrial production: growth rate 9.0% (1989).
Electricity: 191,000,000 kW capacity; 700,000 million kWh
produced, 5,680 kWh per capita (1989).
Industries: metallurgy, engineering, electrical and electronic,
textiles, chemicals, automobiles, fishing.
Agriculture: accounts for 3% of GNP; highly subsidized and
protected sector, with crop yields among highest in world;
principal crops--rice, sugar beets, vegetables, fruit; animal
products include pork, poultry, dairy and eggs; about 50%
self-sufficient in food production; shortages of wheat,
corn, soybeans; world's largest fish catch of 11.8 million
metric tons in 1987.
Aid: donor--ODA and OOF commitments (1970-87), $57.5 billion.
Currency: yen (plural--yen); 1 yen (Y) = 100 sen.
Exchange rates: yen (Y) per US$1--145.09 (January 1990),
137.96 (1989), 128.15 (1988), 144.64 (1987), 168.52 (1986),
238.54 (1985).
Fiscal year: 1 April-31 March.