pidly,
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

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