BEIJING (Bloomberg): China revised its official GDP growth rate from 6.1% for 2019 to 6%, mostly because of a lower manufacturing production estimate, a move that will make it marginally easier for officials to announce this year’s economic expansion.
In 2019, gross domestic product was 435 billion yuan (US$67 billion) lower than the original estimate published in January, the Chinese statistics office said on Wednesday (Dec 30). Based on World Bank estimates, that amount is approximately equivalent to the GDP of Ghana last year.
The nominal GDP of China was 98.7 trillion yuan in 2019, according to the most recent report. The automotive sector, led by the banking, transport and construction industries, saw the biggest change. With value-added production reduced by 503.8 billion yuan from the previous estimate.
China also makes the tiny changes to GDP data based on factors. For example, gathering more detailed data from companies.
Beijing update the annual growth rates between 2014 and 2018 in January. It revised the forecast 2017 GDP growth downwards by 0.1 percentage point to 6.8% in 2019.
For the first time in decades, Beijing has not released a GDP growth target for 2020. Because it has struggled with the effects of the coronavirus pandemic. Since then, the government regulated the spread of the virus, with business activity mostly returning to normal.
As a result, according to economists’ projections, China is the only major economy projected to develop this year, but at a slower pace of around 2%.
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