China GDP Growth Rate
Sep 30, 2023
Time to Release
|1.61 %||2010-2023||National Bureau of Statistics of China|
In China, the growth rate in GDP measures the change in the seasonally adjusted value of the goods and services produced by the Chinese economy during the quarter. As China’s traditional growth engines of manufacturing and construction are slowing down, services have emerged as the new driver. In the last few quarters strength in services and consumption helped to offset weaker manufacturing and exports. .
The Chinese economy grew by a seasonally adjusted 1.3 percent in Q3 of 2023, topping market expectations of 1.0 percent and sharply accelerating from a downwardly revised 0.5 percent increase in Q2. This was the fifth consecutive period of quarterly expansion, buoyed by a slew of monetary stimulus measures over the past three months, including interest rate cuts and constant liquidity injections by the country's central bank. Meantime, the property sector remains a drag on the economy, as China’s biggest property developers faced a large-scale default. “The national economy continued to recover, and high-quality development was solidly advanced, laying a solid foundation to attain the annual development goals,” China’s statistics bureau said in a statement. "We must also note that the external environment is becoming more complex and severe, domestic demand is still insufficient, and the foundation for economic recovery still needs to be consolidated.”
China GDP Growth Rate History
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