For the first time, Spain has surpassed Japan in terms of Gross Domestic Product (GDP) per capita, according to the most recent data released by the International Monetary Fund (IMF). This overtaking, which was already foreseen in projections for 2024, was consolidated in 2025, with Spain reaching $36.190 per capita compared to Japan's $33.960. This represents a significant shift in the international economic landscape and has been highlighted by global economic media.
![[Img # 63719]](https://empresaexterior.com/upload/images/07_2025/1145_calle-de-la-ciudad-de-tokio-en-japon.jpg)
El economic growth of Spain has been driven by several key factors that have enabled this historic breakthrough. One of the key pillars is the boom in the services sector, which currently represents more than 70% of the national GDP. The dynamism of tourism and hospitality, along with other services, has been crucial to the improvement of the Spanish economy.
Another relevant factor is the demographics and employment. The increase in the working population, partly thanks to the immigration, has contributed to a significant increase in production and consumption within Spain. This revitalized workforce has injected dynamism into the economy.
In contrast, Biasi's devaluation of the Japanese yen has played a decisive role in the decline of Japan's per capita GDP when measured in dollars. Since 2021, the Japanese currency has depreciated by 40%, negatively impacting international comparisons of its per capita income.
In addition, Japan drags a economic stagnation characterized by decades of low growth, a marked aging population, labor shortages, and stagnant productivity. In 2024, its economy grew by just 0,1%, highlighting the structural challenges it faces.
Ángel Talavera, head of European Economics at Oxford Economics, qualified this achievement, warning that "There's a real story behind this, but also a big caveat. This figure is also driven by a statistical artifact". Talavera emphasized that "The Japanese yen has depreciated by 40% since 2021, which means that even if Japanese GDP per capita in local currency remains unchanged, it is 40% lower when measured in US dollars." For his part, Matthieu Gertken, chief geopolitical strategist at BCA Research, has pointed out that "Global tourism has benefited this economy [Spain] more than Japan."
Looking ahead, the IMF projects that Spain will maintain its lead in GDP per capita over Japan at least until 2030, with estimates of $42.300 for Spain y $41.700 for Japan in that year. This overtaking It is in line with a global trend in which the weight of services in global GDP has grown from 53% in 1970 to 67% today, according to the World Trade Organization (WTO).
However, experts emphasize that the growth in GDP per capita does not necessarily translate into a uniform improvement in well-being for the entire population. Part of Spain's progress is due to the incorporation of new workers, particularly immigrants, and to temporary factors such as the strength of the dollar against the yen. In short, although Spain has achieved a milestone by surpassing Japan in GDP per capita, analysts insist that this advance has a short-term component significant and should not be interpreted as a structural superiority without considering the nuances.
