China revises 2021 GDP growth up to 8.4% from 8.1%

China revises 2021 GDP growth up to 8.4% from 8.1%
FILE PHOTO: People walk by office towers in the Lujiazui financial district of Shanghai, China October 17, 2022. REUTERS/Aly Song

BEIJING :China has revised up its estimate of 2021 gross domestic product (GDP) growth to 8.4 per cent from 8.1 per cent previously, the National Bureau of Statistics said on Tuesday.

China routinely revises its annual GDP data.

The size of GDP was also revised, to 114.92 trillion yuan ($16.51 trillion) from 114.37 trillion yuan, the statistics bureau said in a statement on its website.

Final data from the bureau shows the services sector, accounting for 53 per cent of China’s GDP, was 8.5 per cent larger in 2021 than a year earlier. In the bureau’s initial estimates, the sector had expanded 8.2 per cent.

The secondary sector – manufacturing and construction, which accounted for 39 per cent of GDP – grew 8.7 per cent in 2021. That compared with the bureau’s initial estimate of an 8.2 per cent increase.

The economy, the world’s second-largest, grew 3 per cent in the first nine months of 2022.

The World Bank has cut its forecast for China’s 2022 economic growth in 2022 to 2.7 per cent, well below the official target of around 5.5 per cent.

($1 = 6.9601 Chinese yuan renminbi)

 

Source: Reuters