Breakdown of GDP in China – additional information
The gross domestic product (GDP) serves as a primary indicator to measure the economic performance of a country or a region. It is generally defined as the monetary value of all finished goods and services produced within a country in a specific period of time. It includes all of private and public spending, government spending, investments, and net exports which are calculated as total exports minus imports. In other words, GDP represents the size of the economy.
With its national economy growing at an exceptional annual growth rate of above nine percent for three decades in succession, China had become the worlds’ second largest economy by 2010, surpassing all other economies but the United States. Even though China’s GDP growth has cooled down in recent years, its economy was still expanding at nearly three-times the pace of the United States’ in 2012.
When compared to other developed countries , the proportion of agriculture and industry in China’s GDP are significantly higher. Even though agriculture is a major industry in the United States, it had only accounted for about one percent of the economy as of 2013. While the service sector contributed to more than 70 percent of the economy in most developed countries, the development of the tertiary sector in China has been constrained by the country’s focus on manufacturing industry.