China revises 2023 GDP growth upward to 2.7% - Breaking The News

China revises 2023 GDP growth upward to 2.7%

26 December

1 min read

EPA-EFE/ALEX PLAVEVSKI

The Chinese National Bureau of Statistics published on Thursday a revision of China’s 2023 GDP to 129,427.2 billion yuan ($17,731 trillion), reflecting an increase of 3,369 billion yuan, or 2.7% higher than the initial estimate.

This revision, based on the fifth national economic census and updated accounting methods, aims to provide a more accurate depiction of the country’s economic performance.

The census results reveal a notable expansion in the secondary and tertiary industries, with 33.27 million legal entities engaged in these sectors by the end of 2023, marking a 52.7% increase from 2018. The number of employees also grew by 11.9%, reaching 428.984 million. The updated data will be published in detail on the National Bureau of Statistics’ official website soon.

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