Photo/Illutration Data from the Cabinet Office, pictured, shows Japan holding the lowest position in per capita GDP among Group of Seven countries for 2022. (Asahi Shimbun file photo)

Driven by the weak yen, Japan's economic output produced its lowest percentage on record in the global economy last year, according to data released by the Cabinet Office on Dec. 25.

Japan’s gross domestic product without adjustment for inflation fell to $4.2 trillion (597.469 trillion yen) in 2022, accounting for 4.2 percent of the global GDP.

That was 0.9 percentage point down from the previous year, marking the lowest share since comparable data became available in 1980.

Although Japan remained the world’s third-largest economy, the economic outputs of the top two countries, the United States and China, dwarfed that of Japan.

Of the $101.4 trillion global nominal GDP, the United States held the largest share, 25.1 percent, equivalent to $25.4 trillion, followed by China with 17.7 percent, or $17.9 trillion.

Japan’s nominal GDP per capita in 2022 was $34,064, ranking 21st among 38 member countries of the Organization for Economic Co-operation and Development (OECD).

Japan fell one spot to 21st from 20th in the previous year, after being overtaken by Italy. This marks the first time in 14 years that Japan has ranked last among the Group of Seven developed democracies.

Luxembourg, which ranked first, had a per capita nominal GDP of $124,592, which is 3.6 times that of Japan. The United States ranked fifth with $76,291, which is more than twice that of Japan.

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