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. source: National Bureau of Statistics of China

GDP Annual Growth Rate in China averaged 8.95 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 August of 2023.

GDP Annual Growth Rate in China is expected to be 4.60 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.

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China GDP Annual Growth Rate



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-04-18 02:00 AM Q1 4.5% 2.9% 4% 3.2%
2023-07-17 02:00 AM Q2 6.3% 4.5% 7.3% 7.1%
2023-10-18 02:00 AM Q3 6.3% 4.6%


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 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
6.30 4.50 18.70 -6.90 1989 - 2023 percent Quarterly

News Stream
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
China Sets 2023 GDP Growth Target of Around 5%
The Chinese government set its 2023 growth target for its economy at around 5%, lower than last year's target of 5.5%, according to a government work report released at the opening of the country's annual meeting of parliament on Sunday, as the world's second-biggest economy began to emerge from three years of severe COVID-19 restrictions. The Chinese economy grew 3% last year, significantly missing the 2022 target and marking one of the slowest rates of growth in almost half a century. A 2023 government budget deficit target of 3.0% of GDP has been set, according to the report, widening from a deficit goal of around 2.8% last year. In the report, China has set a 2023 target of around 3% for its inflation, unchanged from its 2022 target. The CPI rose 2.0% last year.
2023-03-05