The Chinese economy grew by a seasonally adjusted 0.8 percent in the second quarter of 2023, surpassing market expectations of a 0.5 percent increase but slowing sharply from the 2.2 percent expansion observed in the previous quarter. While this marks the fourth consecutive quarter of economic expansion, it also highlights that the recovery in the world's second-largest economy is losing momentum and remains uneven due to the ongoing property downturn, the possibility of disinflation, record high unemployment rates among young adults, and declining exports. These factors are causing concern among policymakers, and there is mounting pressure on them to implement new stimulus measures. Central bank interest rate cuts and further easing of property controls are being considered as potential measures to address the economic challenges. source: National Bureau of Statistics of China

GDP Growth Rate in China averaged 1.62 percent from 2010 until 2023, reaching an all time high of 11.80 percent in the second quarter of 2020 and a record low of -10.30 percent in the first quarter of 2020. This page provides - China GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. China GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

GDP Growth Rate in China is expected to be 0.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the China GDP Growth Rate is projected to trend around 1.30 percent in 2024 and 1.20 percent in 2025, according to our econometric models.

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China GDP Growth Rate



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-04-18 02:00 AM Q1 2.2% 0.6% 2.2% 1.7%
2023-07-17 02:00 AM Q2 0.8% 2.2% 0.5% 0.8%
2023-10-18 02:00 AM Q3 0.8% 0.5%


Related Last Previous Unit Reference
GDP Growth Rate 0.80 2.20 percent Jun 2023
GDP Annual Growth Rate 6.30 4.50 percent Jun 2023
Gross National Product 1197250.40 1133239.80 CNY Hundred Million Dec 2022
Gross Fixed Capital Formation 507957.50 478901.20 CNY Hundred Million Dec 2022
Full Year GDP Growth 3.00 8.10 percent Dec 2022
GDP from Manufacturing 194588.80 94823.30 CNY Hundred Million Jun 2023
GDP from Construction 37003.40 13573.60 CNY Hundred Million Jun 2023
GDP from Agriculture 30416.20 11575.00 CNY Hundred Million Jun 2023
GDP Constant Prices 555747.30 268991.80 CNY Hundred Million Jun 2023
GDP from Transport 26045.30 12091.60 CNY Hundred Million Jun 2023
GDP from Services 331936.50 165474.90 CNY Hundred Million Jun 2023
Economic Activity Index 50.80 51.70 points Oct 2021
GDP from Mining 23696.00 22592.00 CNY Hundred Million Dec 2019

China GDP Growth Rate
In China, the growth rate in GDP measures the change in the seasonally adjusted value of the goods and services produced by the Chinese economy during the quarter. As China’s traditional growth engines of manufacturing and construction are slowing down, services have emerged as the new driver. In the last few quarters strength in services and consumption helped to offset weaker manufacturing and exports. .
Actual Previous Highest Lowest Dates Unit Frequency
0.80 2.20 11.80 -10.30 2010 - 2023 percent Quarterly
SA

News Stream
Chinese Economy Expands 0.8% QoQ in Q2
The Chinese economy grew by a seasonally adjusted 0.8 percent in the second quarter of 2023, surpassing market expectations of a 0.5 percent increase but slowing sharply from the 2.2 percent expansion observed in the previous quarter. While this marks the fourth consecutive quarter of economic expansion, it also highlights that the recovery in the world's second-largest economy is losing momentum and remains uneven due to the ongoing property downturn, the possibility of disinflation, record high unemployment rates among young adults, and declining exports. These factors are causing concern among policymakers, and there is mounting pressure on them to implement new stimulus measures. Central bank interest rate cuts and further easing of property controls are being considered as potential measures to address the economic challenges.
2023-07-17
China Economy Expands 2.2% QoQ in Q1
The Chinese economy grew by 2.2 percent on a seasonally adjusted basis in the three months to March of 2023, picking up from an upwardly revised 0.6 percent growth in the fourth quarter and matching market forecasts. This was the third straight quarterly expansion, coming after Beijing lifted COVID curbs last December and eased a three-year crackdown on tech firms and property. That said, recent data showed the recovery remains uneven, with consumption, services, and infrastructure spending perking up but slowing inflation and soaring bank savings raising doubts about demand. Meantime, the central bank cut lenders' reserve requirements for the first time this year in March while Beijing pledged to launch more fiscal stimulus.
2023-04-18
China Quarterly GDP Stagnates in Q4
The Chinese economy unexpectedly showed no growth on a seasonally adjusted basis in the three months to December of 2022, compared with market consensus of a 0.8 percent contraction and after a 3.9 percent expansion in the third quarter. The latest result underlined Beijing's sudden economic reopening in December after rare protests against strict restrictions in several large countries, including Beijing and Shanghai. Meantime, Beijing has pledged more support measures aimed at reviving the country's domestic consumption and business activity, as foreign demand weakens amid rising global recession risks.
2023-01-17