The Chinese economy expanded by 4.9% yoy in Q3 2023, beating market forecasts of 4.4% and offering hopes that it will meet the official annual target of around 5% this year, as sustained stimulus from Beijing offset the impact of a prolonged property crisis and weak trade. The country's GDP in Q2 grew 6.3%, amid a low base of comparison from last year when Shanghai and other major cities were under strict lockdowns. In September alone, retail sales rose the most in 4 months, up for the 9th consecutive month; and industrial output growth stayed at its highest level since April. Meantime, the surveyed jobless rate fell to a 22-month ow of 5%, while fixed investment continued to grow in the first 9 months of 2023. Data released earlier showed exports fell at a slower pace, partly because of a peak shipping season for Christmas products. Considering the first 9 months of the year, the economy advanced 5.2%. Last year, the GDP added 3%, missing official goal of about 5.5%. source: National Bureau of Statistics of China
The Gross Domestic Product (GDP) in China expanded 4.90 percent in the third quarter of 2023 over the same quarter of the previous year. GDP Annual Growth Rate in China averaged 8.92 percent from 1989 until 2023, reaching an all time high of 18.70 percent in the first quarter of 2021 and a record low of -6.90 percent in the first quarter of 2020. This page provides - China GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. China GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2023.
The Gross Domestic Product (GDP) in China expanded 4.90 percent in the third quarter of 2023 over the same quarter of the previous year. GDP Annual Growth Rate in China is expected to be 5.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the China GDP Annual Growth Rate is projected to trend around 4.00 percent in 2024 and 4.10 percent in 2025, according to our econometric models.
China GDP Annual Growth Rate
In China, Gross Domestic Product is divided by three sectors: Primary, Secondary and Tertiary. The Primary Industry includes Farming, Forestry, Animal Husbandry, and Fishery and accounts for around 9 percent of GDP. The Secondary sector, which includes Industry (40 percent of GDP) and Construction (9 percent of GDP) is the most important. The Tertiary sector accounts for the remaining 44 percent of total output and consist of Wholesale and Retail Trades; Transport, Storage, and Post; Financial Intermediation; Real Estate; Hotel and Catering Services and Others.
| Actual | Previous | Highest | Lowest | Dates | Unit | Frequency | ||
|---|---|---|---|---|---|---|---|---|
| 4.90 | 6.30 | 18.70 | -6.90 | 1989 - 2023 | percent | Quarterly |
News Stream
China Q3 GDP Growth Above Estimates
The Chinese economy expanded by 4.9% yoy in Q3 2023, beating market forecasts of 4.4% and offering hopes that it will meet the official annual target of around 5% this year, as sustained stimulus from Beijing offset the impact of a prolonged property crisis and weak trade. The country's GDP in Q2 grew 6.3%, amid a low base of comparison from last year when Shanghai and other major cities were under strict lockdowns. In September alone, retail sales rose the most in 4 months, up for the 9th consecutive month; and industrial output growth stayed at its highest level since April. Meantime, the surveyed jobless rate fell to a 22-month ow of 5%, while fixed investment continued to grow in the first 9 months of 2023. Data released earlier showed exports fell at a slower pace, partly because of a peak shipping season for Christmas products. Considering the first 9 months of the year, the economy advanced 5.2%. Last year, the GDP added 3%, missing official goal of about 5.5%.
2023-10-18
China Q2 GDP Growth Below Estimates
The Chinese economy expanded by 6.3% year-on-year in Q2 2023, showing faster growth compared to the 4.5% recorded in Q1, but falling short of market estimates of 7.3%. The latest figures were distorted by a low base of comparison from last year when Shanghai and other major cities were under strict lockdowns. During H1, the economy grew by 5.5%. China had set a GDP growth target of around 5% for this year, following a 3% expansion in 2022. Beijing has been cautious about launching substantial stimulus measures, especially as local government debt has soared. In June alone, economic indicators presented a mixed picture: retail sales rose at a much softer pace, while industrial output growth accelerated. The urban jobless rate remained unchanged at 5.2%, but youth unemployment reached a new high of 21.3%. Earlier released data indicated that China's exports declined the most in three years due to high inflation in key markets and geopolitical factors affecting foreign demand.
2023-07-17
China Q1 GDP Growth Rate Beats Estimates
The Chinese economy advanced 4.5% yoy in Q1 of 2023, accelerating from a 2.9% growth in Q4 and topping market estimates of 4%. It was the strongest pace of expansion since Q1 of 2022, amid efforts from Beijing to spur the post-pandemic recovery. Retail sales growth was at a near 2-year high in March, industrial output rose the most in 5 months, and the surveyed jobless rate fell to its lowest in 7 months. Data released earlier showed exports from China unexpectedly rebounded in March, and the trade surplus came larger due to efforts to deepen trade with developed countries and explore new possibilities with emerging economies. However, the statistics agency mentioned in a statement that a complex global environment and insufficient domestic demand mean the foundation for the country's recovery is "not yet solid." China set a modest GDP target of around 5% for 2023. Last year, the economy added 3%, missing the government's goal of about 5.5%.
2023-04-18
As an expert in economic analysis and data interpretation, I can confidently delve into the information provided in the article about China's economic performance in Q3 2023. My comprehensive understanding of economic indicators, statistical trends, and historical context allows me to offer insights that go beyond the surface level.
The key highlight of the article is the 4.9% year-on-year expansion of the Chinese economy in Q3 2023, surpassing market expectations of 4.4%. This growth suggests resilience in the face of challenges such as a prolonged property crisis and weak trade. To substantiate this, it's crucial to consider the preceding quarter, Q2 2023, where the economy grew by 6.3%. This growth was influenced by a low base of comparison from the previous year when major cities like Shanghai were under strict lockdowns.
Furthermore, in September, retail sales experienced the highest increase in four months, marking the ninth consecutive month of growth. Industrial output growth also remained robust, reaching its highest level since April. These positive indicators contribute to the overall narrative of a recovering economy.
The surveyed jobless rate fell to a 22-month low of 5%, showcasing a positive trend in the labor market. Fixed investment continued to grow in the first nine months of 2023, indicating sustained confidence in long-term economic prospects.
In terms of international trade, exports fell at a slower pace, partly attributed to a peak shipping season for Christmas products. This aligns with the broader global economic context and consumer behavior patterns.
Looking at the cumulative performance for the first nine months of the year, the economy advanced by 5.2%, edging closer to the official annual target of around 5%. This is a significant improvement compared to the previous year when the GDP added only 3%, missing the government's goal of about 5.5%.
To contextualize these figures, it's essential to reference the historical data on China's GDP annual growth rate. The long-term projections from Trading Economics suggest an expected growth rate of 5.20% by the end of the current quarter, with a projected trend around 4.00% in 2024 and 4.10% in 2025. These forecasts are based on macroeconomic models and analyst expectations.
China's GDP is divided into three sectors: Primary, Secondary, and Tertiary. The Primary Industry, including farming, forestry, animal husbandry, and fishery, accounts for around 9% of GDP. The Secondary sector, comprising Industry (40% of GDP) and Construction (9% of GDP), is the most significant. The Tertiary sector, contributing 44% of total output, encompasses wholesale and retail trades, transport, storage, post, financial intermediation, real estate, hotel and catering services, and others.
In summary, the data presented in the article, combined with historical and projected information, paints a picture of China's economy showing resilience, recovery, and a trajectory toward meeting or even exceeding the official annual growth target of around 5% in 2023.
