Gross domestic product (GDP) growth rate in China 2011-2024

In 2018, the growth in real gross domestic product (GDP) in China amounted to about 6.6 percent. Forecasts until 2024 by the IMF expect declining growth rates in the coming years.

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 2019, 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 21.5 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 351 billion U.S. dollars in 2018.

China: growth rate of real gross domestic product (GDP) from 2011 to 2024

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Source

Release date

April 2019

Region

China

Survey time period

2011 to 2018

Supplementary notes

*IMF estimate.
Source does not provide an exact publication date. Date given is the day of data access.

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