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China revises up 2023 GDP figure by 2.7% to $18 trn: NBS

27 Dec '24
1 min read
China revises up 2023 GDP figure by 2.7% to $18 trn: NBS
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Insights

  • China's 2023 GDP has been revised to 129.4 trillion yuan (~$18 trillion)—a rise of 3.269 trillion yuan, or 2.7 per cent, from the initial figure, the National Bureau of Statistics said.
  • China had revised up the size of the economy for 2018 by 2.1 per cent and for 2013 by 3.4 per cent.
  • Work to revise the 2023 GDP of provincial-level regions is under way, and results will be announced next year.
China's gross domestic product (GDP) for 2023 has been revised to 129.4 trillion yuan (~$18 trillion)—an increase of 3.269 trillion yuan, or 2.7 per cent, from the preliminary calculation,  National Bureau of Statistics (NBS) head Kang Yi said while releasing the fifth national economic census.

Without explaining the reasons for the revision, he said the bureau would provide further details on its website soon.

China had revised up the size of the economy for 2018 by 2.1 per cent and for 2013 by 3.4 per cent.

China's annual GDP goes through two rounds of accounting: preliminary calculation and final verification. The final verification is conducted based on annual statistical data, final fiscal accounts and departmental administrative records.

Work to revise the 2023 GDP of China's provincial-level regions is under way. Results will be announced next year.

ALCHEMPro News Desk (DS)
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