Gross domestic product (GDP) growth rate in China 2011-2027

In 2021, the growth of real gross domestic product (GDP) in China amounted to approximately 8.1 percent. Forecasts by the IMF expect a GDP growth rate of around 3.2 percent in 2022 and 4.4 percent in 2023, which is around 1.2 and 0.7 percentage points lower, respectivly, than projected in April 2022.

Real GDP growth

The current gross domestic product is an important indicator of the economic strength of a country. It refers to the total market value of all goods and services that are produced within a country per year. When analyzing year-on-year changes, the current GDP is adjusted for inflation, thus making it constant. Real GDP growth is regarded as a key indicator for economic growth as it incorporates constant GDP figures. As of 2021, China was among the leading countries with the largest gross domestic product worldwide, second only to the United States which had a GDP volume of almost 23 trillion U.S. dollars. The Chinese GDP has shown remarkable growth over the past years. Upon closer examination of the distribution of GDP across economic sectors, a gradual shift from an economy heavily based on industrial production towards an economy focused on services becomes visible, with the service industry outpacing the manufacturing sector in terms of GDP contribution.

Key indicator balance of trade

Another important indicator for economic assessment is the balance of trade, which measures the relationship between imports and exports of a nation. As an economy heavily reliant on manufacturing and industrial production, China has reached a trade surplus over the last decade, with a total trade balance of around 677 billion U.S. dollars in 2021.