Economic news

China Reconsiders its Nominal 2018 GDP for Economy Doubling

China adjusted its estimate of nominal GDP for the previous year. According to this data, GDP was 2.1 percent higher than previously reported one and amounted to 91.93 trillion yuan ($13.08 trillion).

china revises its 2018 gdpPhoto: Pixabay

The revision showed that the services sector occurred the major contributor to GDP in prior year than the primary reading indicated, the National Bureau of Statistics data revealed.

A change in the GDP estimate for the previous year will not have a significant impact on the calculation of growth rates in 2019, the statistical office data showed.

In an effort to achieve economic growth aim of above 6 percent in 2019 and 2020, the Chinese government may turn to a large-scale census to smooth out annual data.

The target growth rate range for this year is 6-6.5 percent. In this vein in the first quarter, the world's second largest economy grew by 6.4 percent, while in the second quarter - by 6.2 percent, in the third quarter it advanced by 6 percent, marking its lowest rate since 1992.

Chinese yuan slipped against U.S. dollar by 0.08 percent, to 7.0366.

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