China revised to increase GDP growth in 2021
2022.12.27 00:40
China revised to increase GDP growth in 2021
Budrigannews.com – The National Bureau of Statistics reported on Tuesday that China’s estimate of growth in the country’s gross domestic product (GDP) in 2021 has been revised up to 8.4%, up from 8.1% previously.
China updates its annual GDP data on a regular basis.
The statistics bureau said in a statement on its website that the size of GDP was also revised, moving from 114.37 trillion yuan to 114.92 trillion yuan ($16.51 trillion).
The bureau’s final data indicate that the services sector, which contributes 53% of China’s GDP, grew by 8.5% in 2021 compared to the previous year. The industry had grown by 8.2% in the initial estimates made by the bureau.
In 2021, manufacturing and construction, which made up 39% of GDP, saw an 8.7% increase. This was in contrast to the bureau’s initial estimate of an increase of 8.2%.
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In the first nine months of 2022, the world’s second-largest economy experienced growth of 3%.
China’s economic growth in 2022 has been lowered to 2.7% by the World Bank, well below the official target of 5.5%.
