Economy
The gross prefecture product of Osaka for the fiscal year 2004 was ¥38.7 trillion, second after Tokyo with an increase of 0.9% from the previous year. This represented approximately 48% of the Kinki region. The per capita income was ¥3.0 million, seventh in the nation. Commercial sales the same year was ¥60.1 trillion.
Overshadowed by such globally renowned electronics giants as Panasonic and Sharp, the other side of Osaka's economy can be characterized by its Small and Medium Enterprises (SMEs) activities. The number of SMEs based in Osaka in 2006 was 330,737, accounting for 99.6% of the total number of businesses in the prefecture. While this proportion is similar to other prefectures (the average nationwide was 99.7%), the manufactured output of the SMEs amounted to 65.4% of the total within the prefecture, a rate significantly higher than Tokyo's 55.5%, or Kanagawa's 38.4%. One model from Osaka of serving the public interest and restimulting the regional economy combined with industry-education cooperation efforts is the Astro-Technology SOHLA, with is struggling artificial satellite project. Having originally started from a gathering of Higashiosaka based SMEs, Astro-Technology SOHLA, has not only grown into a Kansai region- wide group but has also won the support from the government, through technology and material support from Japan Aerospace Exploration Agency (JAXA), and financial support from NEDO.
The Osaka Securities Exchange, specializing in derivatives such as Nikkei 225 Futures, is based in Osaka.
There are many electrical, chemical,pharmaceutical, heavy industry, food, and housing companies in Osaka Prefecture.
Read more about this topic: Osaka Prefecture
Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)