Japan's nominal gross domestic product per capita stood at $34,064 in 2022, ranking 21st among the 38 members of the Organization for Economic Cooperation and Development, a record-low for the world's third-largest economy, the government said Monday.
The figure was also the lowest among the Group of Seven advanced economies for the first time since 2008, highlighting the impact of a sharply weaker yen against the U.S. dollar and the relative decline of Japan's economic standing.
GDP is the total value of goods and services produced in a country. Comparable data became available in 1980 for the OECD.
Luxemburg, a key financial hub in Europe, topped the list with $124,592, followed by $106,180 for Norway and $104,237 for Ireland. The United States came fifth at $76,291. After Japan, South Korea ranked 22nd at $32,423. China is not an OECD member.
The G7 consists of Britain, Canada, Germany, France, Italy, Japan, and the United States plus the European Union.
Japan's economy remained the world's third-largest in 2022, with $4.26 trillion in nominal GDP, which compares with $25.44 trillion for the United States, or a quarter of the global economy, and $17.96 trillion for China.
Japan accounted for a record-low 4.2 percent of global GDP, down from 5.1 percent the year earlier.
Germany's nominal GDP stood at $4.08 trillion in 2022, but the International Monetary Fund has said the European nation will likely replace Japan as the world's third-largest economy in 2023.
The yen tumbled against the U.S. currency in 2022 amid a widening interest rate gap between the two nations, prompting a series of interventions by Japanese authorities to stem its precipitous drop.
The dollar traded at an average 131.4 yen in 2022, sharply higher than 109.8 yen the year before, according to the Cabinet Office.
