China GDP Annual Growth Rate

Last Release

Jun 30, 2024

Actual

4.7

Units In

5.3

Frequency

Quarterly

Next Release

Oct 18, 2024

Time to Release

3 Months 1 Days 17 Hours

Highest	Lowest	Average	Date Range	Source
18.3 Mar 2021	-6.8 Mar 2020	8.82 %	1989-2024	National Bureau of Statistics of China

In China, Gross Domestic Product is divided by three sectors: Primary, Secondary and Tertiary. The Primary Industry includes Farming, Forestry, Animal Husbandry, and Fishery and accounts for around 9 percent of GDP. The Secondary sector, which includes Industry (40 percent of GDP) and Construction (9 percent of GDP) is the most important. The Tertiary sector accounts for the remaining 44 percent of total output and consist of Wholesale and Retail Trades; Transport, Storage, and Post; Financial Intermediation; Real Estate; Hotel and Catering Services and Others.

Latest Updates

The Chinese economy expanded 4.7% yoy in Q2 of 2024, missing market forecasts of 5.1% and slowing from a 5.3% growth in Q1. It was the weakest yearly advance since Q1 of 2023, amid a persistent property downturn, weak domestic demand, falling yuan, and trade frictions with the West. The latest figures came as the Communist Party began the Third Plenum, a key political event in which various reform measures are likely to be launched, along with recommendations for more support action to boost recovery. The economy grew by 5.0% during the first half of the year while the government is targeting the GDP to grow around 5.0% this year. In June alone, economic indicators mostly presented a slowdown, with retail sales rising the least in almost 1-1/2 years and industrial output growth at a 3-month low. Meantime, the urban jobless rate remained unchanged at 5.0% for the third month. On the trade front, exports increased more than expected last month but imports unexpectedly shrank.