China revises its 2018 GDP up 2.1%

Nov 22, 2019
Beijing: China on Friday raised its GDP for 2018 to 91.93 trillion yuan ($13.08 trillion), 2.1 per cent more than the previously stated figure, following the latest revision of the calculations by China’s National Bureau of Statistics (NBS).

The revised figure is 1.9 billion yuan more than the one reported in January, according to the NBS statement, reported Efe news.

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

The new data shows a decrease in the initial estimate of the weight of primary and secondary industries on China’s total wealth, amounting to 0.1 per cent and 1 per cent respectively, and a 1.1 per cent increase in the tertiary sector.

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

The Chinese authorities set a GDP growth target of between 6 and 6.5 per cent for the current year, which international institutions such as the International Monetary Fund believe to be within its reach.IANS