Japan: Economy slips to third in world, behind U.S. and China
February 13th, 2011
10:02 PM ET

Japan: Economy slips to third in world, behind U.S. and China

Japan has slipped to the world's third largest economy, falling behind the blistering speed of China's manufacturing growth, according to Japanese figures released Monday.

Japan's cabinet office released its nominal gross domestic product figures for 2010. Japan's economy was valued at US $5.4742 trillion while China was at US $5.8786 trillion.

Japan's economy did grow in 2010, but only by 3.9%, according to the government. China's is expected to grow more than 10%. At the speed China is growing, Japan's government predicts China will overtake the United States as
the world's largest economy in less than 20 years.

China has expanded domestic industries and infrastructure, driven by a surge in exports. Multinational corporations have expanded in China, taking advantage of low labor costs.

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Filed under: China • Economy • Japan