Japan is remarkable for its extraordinarily rapid rate of economic growth in the 20th century, especially in the first several decades after World War II. This growth was based on unprecedented expansion of industrial production and the development of an enormous domestic market, as well as on an aggressive export trade policy. In terms of gross national product (GNP; or gross national income), a common indicator of a country’s wealth, Japan is the world’s second largest economic power, ranking behind only the United States. It has developed a highly diversified manufacturing and service economy and is one of the world’s largest producers of motor vehicles, steel, and high-technology manufactured goods (notably consumer electronics). The service sector has come to dominate the economy in terms of its overall proportion of the gross domestic product (GDP) and of employment.
Source: britannica.com
