August 3, 2020

China revises its 2018 nominal GDP upwards and places it 2.1% higher

China raised its nominal GDP of 2018 this Friday to 91.93 trillion yuan (13.08 trillion dollars, 11.83 trillion euros), 2.1% more than the figure previously declared, after the last revision of the calculations made by its National Statistical Office (ONE).

The difference between the figure published last January and the one announced today is 1.9 billion yuan (270.006 million dollars, 244.086 million euros), explains a statement released by the institution.

This review corresponds to the "final verification" of Chinese GDP and was carried out after the 2018 national economic census, the fourth of its kind in the country (after 2004, 2008 and 2013).

The new data show a decrease with respect to the initial estimate of the weight of primary and secondary industries on China's total wealth of 0.1% and 1%, respectively, and a 1.1% rise in the tertiary sector .

Despite this rise in nominal terms, the ONE said the situation will not have a "significant impact" on the growth of GDP in 2019.

The Chinese authorities set a goal of GDP growth between 6 and 6.5% for this year, and international institutions such as the International Monetary Fund (IMF) believe that the Chinese economy will achieve it.

. (tagsToTranslate) China (t) reviews (t) nominal GDP (t) (t) locates

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