Tokyo economy is based on the industrial and services sector. Tokyo worldwide is renowned as a city of automobile, electronic, chemical and heavy industries. It is the political and commercial capital of Japan, perhaps the most technologically developed nation of the world.
Tokyo Economic Overview
The phenomenal rise of Japan as one of the leading world economic powers may be attributed to the following aspects:
- A close co-operation between the industrial sector and the government
- Mastery over technology
- Powerful work ethics of the populace in general
- Defense allocation of only 1% of Gross Domestic Produce
- The formation of 'keiretsu', a closely knit group of suppliers, manufacturers, and distributors
- A lifetime guarantee of employment for a sizable section of the urban working community.
These factors taken in accumulation have aided Japan in becoming a major force in world economy. In fact, Tokyo Stock Exchange is one of the top three world stock exchanges.
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Tokyo Economic Parameters
The economic parameters of Japan are fair indicators of the economic condition of inhabitants of Tokyo. The following measures are vital in understanding the economy of Tokyo.
- The Gross Domestic Produce (GDP) calculated as per the purchasing power parity (ppp) method has been estimated at US $ 4.218 trillion as per 2006 figures
- The GDP for the same period calculated at official exchange rate worked out to US $ 4.883 trillion
- Per capita GDP calculated as per ppp method was US $ 33,100 according to 2006 estimates
- The real growth rate of GDP in 2006 was estimated at 2.2%
- Services sector with 73% contributed most towards GDP, followed by industry at 25.5%, and agriculture at 1.5%.
- Of the total labor force the service sector employs 67.7%, industry 27.8%, and agriculture 4.5%
Tokyo Economic Activities
Services and industries form the basis of Tokyo economic activities. Tokyo economy is strengthened by industries in automobiles, heavy industries, chemicals, electronic equipments and components, ships, and steel and non-ferrous metals.
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