China's GDP For 2021 More Than 500-B Yuan Higher
China’s gross domestic product (GDP) for 2021 was over half a trillion yuan more than initially calculated, official data revealed, Laura He reported for CNN Business.
Photo Insert: Economists are generally expecting growth to fall between 2.8% and 3.2% this year, one of the lowest levels since 1976.
The update comes at a time the world’s second-largest economy faces severe strain from an unprecedented wave of COVID infections sweeping the country. The new data from China’s National Bureau of Statistics (NBS) show the nation’s economy grew 8.4% in 2021 from a year earlier, higher than the 8.1% initially reported.
Per the revised figures, China’s GDP reached $16.52 trillion last year, up $80 billion from the previous estimate.
The addition is equivalent to Bulgaria’s entire GDP in 2021. Revisions to initial estimates of GDP are common in many economies, mainly because of the large amount of information used in data construction. The NBS said Tuesday its biggest upward revision was in the services sector.
The change comes as COVID infections hit factories and the consumer market following China’s recent pivot from its zero-COVID strategy that had long choked the economy.
The government previously set this year’s growth target at about 5.5%, but that is likely to be missed as the economy has been hammered by months of lockdowns and a slumping housing market.
Economists are generally expecting growth to fall between 2.8% and 3.2% this year, one of the lowest levels since 1976.