Breakdown of GDP in Japan (1994-2024)

Full Title: Breakdown of GDP in Japan (1994-2024) [Article No. = Part 3_5]

日本語タイトル：日本のGDPの分解 (1994-2024) [記事 No. = Part 3_5]

Posted on June 9, 2026.

[Figure]

Figure 1 Breakdown of GDP in Japan (1994-2024)

Figure 1 日本のGDPの分解 (1994-2024)

(In Japanese)

Source: By Yoshida using Cabinet Office, Japan, SNA data. URL: https://www.esri.cao.go.jp/jp/sna/kakuhou/kakuhou_top.html, accessed on Mar. 19, 2026.

[Facts]

日本のGDP水準の推移に比して，政府最終消費支出，生産・輸入品に課される税，固定資本減耗の水準は大きく伸びている．
一方，日本のGDP水準の推移に比して，総固定資本形成，営業余剰・混合所得*の水準の伸びは弱い（観測期間中，多くの時期で，マイナス成長となっている）．

(*) 営業余剰・混合所得＝付加価値総額－雇用者報酬－生産・輸入品に課される税（－補助金）―固定資本減耗

また，日本のGDP水準の推移に比して，雇用者報酬の水準は，観測期間中少し弱めに推移している時期が多い．

Compared to trends in Japan’s GDP, government final consumption expenditure, taxes on production and imports, and consumption of fixed capital have increased significantly.
Meanwhile, compared to trends in Japan’s GDP, growth in gross fixed capital formation and operating surplus and mixed income has been weak (with negative growth observed during much of the period).

(*) Operating surplus and mixed income = Total gross value added – Compensation of employees – Taxes on production and imports (– Subsidies) – Consumption of fixed capital

3. Furthermore, compared to trends in Japan’s GDP, employee compensation has tended to grow at a slightly slower pace during much of the observation period.

[Discussion]

１．[記事 No. = Part 1_2-6] において，2000年以降，日本の一人当たりGDP水準の世界ランクが連続的に低下していることを説明した．その際，著者は， 1990年代以降の日本における国内投資の脆弱さをこの低下の主原因として指摘した．本記事のFigure 1からは，まず，1994年以降長期に亘り，日本の国内投資水準が実際に低下していた事実が明らかになった．更に，この国内投資の脆弱さと日本の一人当たりGDP水準の関係については，[記事 No. = Part 3_7] で解説する予定である．

In [Article No. = Part 1_2-6], the author explained that Japan’s global ranking in terms of GDP per capita has been steadily declining since 2000. At the time, I pointed to the fragility of domestic investment in Japan since the 1990s as the primary cause of this decline. First, Figure 1 in this article demonstrates that Japan’s domestic investment levels have actually continued to decline over the long term since 1994. Furthermore, I plan to discuss the relationship between this slump in domestic investment and Japan’s per capita GDP levels in [Article No. = Part 3_7].