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.” source: National Bureau of Statistics of China
The Gross Domestic Product (GDP) in China expanded 1.30 percent in the third quarter of 2023 over the previous quarter. GDP Growth Rate in China averaged 1.61 percent from 2010 until 2023, reaching an all time high of 11.50 percent in the second quarter of 2020 and a record low of -10.40 percent in the first quarter of 2020. This page provides - China GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. China GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2023.
The Gross Domestic Product (GDP) in China expanded 1.30 percent in the third quarter of 2023 over the previous quarter. GDP Growth Rate in China is expected to be 1.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the China GDP Growth Rate is projected to trend around 1.30 percent in 2024 and 1.20 percent in 2025, according to our econometric models.
China GDP Growth Rate
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..
| Actual | Previous | Highest | Lowest | Dates | Unit | Frequency | ||
|---|---|---|---|---|---|---|---|---|
| 1.30 | 0.50 | 11.50 | -10.40 | 2010 - 2023 | percent | Quarterly | SA |
News Stream
China Economy Expands 1.3% QoQ in Q3
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.”
2023-10-18
Chinese Economy Expands 0.8% QoQ in Q2
The Chinese economy grew by a seasonally adjusted 0.8 percent in the second quarter of 2023, surpassing market expectations of a 0.5 percent increase but slowing sharply from the 2.2 percent expansion observed in the previous quarter. While this marks the fourth consecutive quarter of economic expansion, it also highlights that the recovery in the world's second-largest economy is losing momentum and remains uneven due to the ongoing property downturn, the possibility of disinflation, record high unemployment rates among young adults, and declining exports. These factors are causing concern among policymakers, and there is mounting pressure on them to implement new stimulus measures. Central bank interest rate cuts and further easing of property controls are being considered as potential measures to address the economic challenges.
2023-07-17
China Economy Expands 2.2% QoQ in Q1
The Chinese economy grew by 2.2 percent on a seasonally adjusted basis in the three months to March of 2023, picking up from an upwardly revised 0.6 percent growth in the fourth quarter and matching market forecasts. This was the third straight quarterly expansion, coming after Beijing lifted COVID curbs last December and eased a three-year crackdown on tech firms and property. That said, recent data showed the recovery remains uneven, with consumption, services, and infrastructure spending perking up but slowing inflation and soaring bank savings raising doubts about demand. Meantime, the central bank cut lenders' reserve requirements for the first time this year in March while Beijing pledged to launch more fiscal stimulus.
2023-04-18
The Chinese economy's growth in the third quarter of 2023 showcased a resilient performance, expanding by 1.3 percent, surpassing market expectations, and significantly accelerating from the previous quarter's increase of 0.5 percent. This growth marked the fifth consecutive period of expansion, propelled by various monetary stimuli, including interest rate reductions and consistent liquidity injections by China's central bank.
The performance of China's economy is multifaceted, affected by several key factors:
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Monetary Stimulus Measures: Notably, the acceleration in economic growth was attributed to a series of monetary policies initiated in the preceding three months. These measures included interest rate cuts and continuous liquidity injections by the central bank, intended to stimulate economic activity.
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Challenges in the Property Sector: Despite overall growth, the property sector's struggles significantly impacted the economy. Major property developers faced defaults, posing a drag on economic progress.
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Government Statements: The National Bureau of Statistics of China emphasized the ongoing recovery and the solid advancement of high-quality development. However, it cautioned about the increasingly complex external environment, insufficient domestic demand, and the need to consolidate the foundation for economic recovery.
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Shift in Growth Engines: The composition of China's economic growth is evolving. Traditionally reliant on manufacturing and construction, the economy is witnessing a slowdown in these sectors. Services and consumption are emerging as new drivers, compensating for the decline in manufacturing and exports.
The GDP growth rate, as measured in China, reflects the seasonally adjusted value of goods and services produced during a given quarter. Despite the challenges, the strength in services and consumption has somewhat balanced the weaker performance in manufacturing and exports in recent quarters.
The historical data reflects the fluctuating nature of China's GDP growth rate, ranging from record highs of 11.50 percent in the second quarter of 2020 to a low of -10.40 percent in the first quarter of the same year. This variability indicates the economy's resilience in bouncing back from lows and facing challenges during periods such as the COVID-19 pandemic.
Looking ahead, forecasts suggest a projected GDP growth rate of around 1.10 percent by the end of the current quarter, with a long-term trend of approximately 1.30 percent in 2024 and 1.20 percent in 2025, according to econometric models and analyst expectations.
In summary, China's economic landscape showcases a blend of positive growth trends, challenges in specific sectors like real estate, and the ongoing evolution of the economic engine towards services and consumption-led growth.
