Tokyo - Japan's gross domestic product (GDP) per capita slipped to 22nd among 38 OECD member countries in 2023, according to the Cabinet Office. This marks the lowest ranking for Japan since comparable data became available in 1980.

The country's GDP per capita declined to $33,849 in dollar terms, lagging behind South Korea ($35,563) which now ranks 21st. This is the second consecutive year that Japan has placed last among the Group of Seven (G7) nations.

Luxembourg topped the list with a per capita GDP of $128,423, followed by Ireland and Switzerland. The United States ranked sixth.

While Japan's nominal GDP increased due to rising prices domestically, the depreciation of the yen against the dollar significantly impacted the country's ranking. The weakening yen, which has continued in 2024, is expected to further lower Japan's nominal GDP ranking.

In terms of total nominal GDP, Japan slipped to fourth place behind the United States, China, and Germany, with a figure of $4.21 trillion. Germany surpassed Japan with a GDP of $4.53 trillion. The International Monetary Fund forecasts that India will overtake Japan in 2025.