10 Countries With The Highest Industrial Outputs In Asia
In the past decade, the global economy has improved significantly. Compared to previous decades, developing countries are doing better and are contributing significantly to the global product output. The United States still holds the title of the world’s largest economy estimated at $18 trillion, China ranks second at $11 trillion, while Japan ranks third at $4.4 trillion. The three countries account for an estimated 45% of the global economy. The Chinese economy is rising at a speedy rate, and the Centre for Economics and Business Research (CEBR) forecasts that by 2029 the Chinese economy will surpass the US as the world’s largest economy. The rise of China's economy can be directly attributed to the increase in the country’s output.
China has the world’s largest industrial output. In 2016 it is estimated that the country produced $4.566 trillion of industrial output. Strong factory output, stable retail sales, and an ever-growing export market have helped propel China meet its economic expectations. In the third quarter of 2017, the GDP grew by 6.8%. The industrial output grew by 6.6% in September 2017 compared to a year earlier. In 2016 china exported goods worth $2.342 trillion, it was only surpassed by the European Union which exported $2.659 trillion. The European Union ranked just behind China with an industrial output of $4.184 trillion. And despite being the largest economy, the United States ranked behind China and the European Union in terms of industrial output. In 2016 the U.S industrial output totaled $3.602 trillion. In the same year, the U.S exported goods worth $1.620 trillion. The third quarter of 2016 witnessed a real output of $1.92 trillion the highest ever in a quarter since the Great Recession of 2008. The manufacturing sector employed more than $12.4 million in March 2017. The largest exports by the US were transportation equipment, chemicals, electronics and computers, and non-electrical machinery.
Japan ranks third in the global ranking, and Asia’s second state. A decade ago, Japan was the second largest economy until it was surpassed by China. In the recent past, Japan's economy economic might has been put into question particular after the nuclear meltdown in Fukushima and its demographic composition. In 2016 Japan’s total industrial output was $1.368 while its export revenue totaled $683.85. Japan has the largest public debt as a percentage of the GDP, a situation that is preventing the private investments in the country. The disparity in productivity in the various sectors of the economy continues to widen hindering the growth of the export-oriented economy.
Here's Asia's Top 10 according to data by CIA World's FactBook 2017
Source : World's Atlas