In 2023, the growth of real gross domestic product (GDP) in China amounted to 5.2 percent. For 2024, the IMF expects a GDP growth rate of around five percent.
Real GDP growth
The current gross domestic product is an important indicator of the economic strength of a country. It refers to the total market value of all goods and services that are produced within a country per year. When analyzing year-on-year changes, the current GDP is adjusted for inflation, thus making it constant. Real GDP growth is regarded as a key indicator for economic growth as it incorporates constant GDP figures. As of 2022, China was among the leading countries with the largest gross domestic product worldwide, second only to the United States which had a GDP volume of almost 25.5 trillion U.S. dollars. The Chinese GDP has shown remarkable growth over the past years. Upon closer examination of the distribution of GDP across economic sectors, a gradual shift from an economy heavily based on industrial production towards an economy focused on services becomes visible, with the service industry outpacing the manufacturing sector in terms of GDP contribution.
Key indicator balance of trade
Another important indicator for economic assessment is the balance of trade, which measures the relationship between imports and exports of a nation. As an economy heavily reliant on manufacturing and industrial production, China has reached a trade surplus over the last decade, with a total trade balance of around 823 billion U.S. dollars in 2023.
Growth rate of real gross domestic product (GDP) in China from 2013 to 2023 with forecasts until 2029
* Forecast.
** Revised forecast published on May 28, 2024, based on 2024 Q1 GDP data. Former forecast for 2024 and 2025 was 4.6 and 4.1 percent respectively.
Values have been rounded.
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IMF, & National Bureau of Statistics of China. (April 16, 2024). Growth rate of real gross domestic product (GDP) in China from 2013 to 2023 with forecasts until 2029 [Graph]. In Statista. Retrieved October 18, 2024, from https://www.statista.com/statistics/263616/gross-domestic-product-gdp-growth-rate-in-china/
IMF, und National Bureau of Statistics of China. "Growth rate of real gross domestic product (GDP) in China from 2013 to 2023 with forecasts until 2029." Chart. April 16, 2024. Statista. Accessed October 18, 2024. https://www.statista.com/statistics/263616/gross-domestic-product-gdp-growth-rate-in-china/
IMF, National Bureau of Statistics of China. (2024). Growth rate of real gross domestic product (GDP) in China from 2013 to 2023 with forecasts until 2029. Statista. Statista Inc.. Accessed: October 18, 2024. https://www.statista.com/statistics/263616/gross-domestic-product-gdp-growth-rate-in-china/
IMF, and National Bureau of Statistics of China. "Growth Rate of Real Gross Domestic Product (Gdp) in China from 2013 to 2023 with Forecasts until 2029." Statista, Statista Inc., 16 Apr 2024, https://www.statista.com/statistics/263616/gross-domestic-product-gdp-growth-rate-in-china/
IMF & National Bureau of Statistics of China, Growth rate of real gross domestic product (GDP) in China from 2013 to 2023 with forecasts until 2029 Statista, https://www.statista.com/statistics/263616/gross-domestic-product-gdp-growth-rate-in-china/ (last visited October 18, 2024)
Growth rate of real gross domestic product (GDP) in China from 2013 to 2023 with forecasts until 2029 [Graph], IMF, & National Bureau of Statistics of China, April 16, 2024. [Online]. Available: https://www.statista.com/statistics/263616/gross-domestic-product-gdp-growth-rate-in-china/