The world’s second largest economy, China revised downwards this Friday (12/26) the result of its gross domestic product (GDP) for 2024, but kept its estimate of the economic growth rate for last year unchanged.
The data was released by the Asian giant’s National Bureau of Statistics (NBS).
According to Beijing’s final verification, China’s GDP last year amounted to 134.8066 billion yuan, equivalent to about $19.16 billion.
The result represents a decrease of 101.8 billion yuan ($14.4 billion) from the previously released preliminary estimate.
However, despite the negative assessment, the Chinese government maintained the growth rate of the country’s economy at 5% for 2024.
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How is China’s GDP calculated?
According to the BES, the calculation of China’s annual GDP goes through two stages: a preliminary estimate and then a final verification.
This last phase is carried out on the basis of consolidated annual statistical data, in addition to the tax accounts and administrative files of the various government agencies.
Still according to the BES, the final exam uses more complete information on the country’s economic activity.
The body said the revisions are part of the “due process” of national accounts and do not change the “general assessment” of the performance of the Chinese economy in 2024, with real growth remaining unchanged.
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