Japan has given way to Germany as the third largest economy in the world.

At the end of 2023, Japan gave way to Germany as the third largest economy in the world in terms of nominal GDP in dollar terms.

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Thus, according to data released on Thursday by the Japanese Cabinet of Ministers, the country’s nominal GDP without adjusting for inflation in 2023 amounted to 591.48 trillion yen (about 4.21 trillion dollars).

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At the same time, as, in turn, Germany’s nominal GDP in 2023 is approximately $4.46 trillion. Thus, at the end of last year, Japan gave way to Germany as the third largest economy in the world.

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This result was previously predicted by the Japanese media. It was noted that Japan’s nominal GDP in dollar terms would decline significantly due to the weakening of the national currency. At the same time, Germany’s GDP will grow against the background of rapidly rising prices.

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However, earlier this month the Organization for Economic Co-operation and Development (OECD) downgraded Germany’s GDP growth forecast to 0.3% from 0.6% in 2024 and to 1.1% from 1.2% in 2025.