19 Dec 2014
China’s 2013 GDP revision will not affect 2014 GDP growth rate
FXStreet (Mumbai) - The National Bureau of Statistics in china said today that it has revised up the estimated size of its economy for 2013 by 3.4 percent to 58.8 trillion yuan mainly due to an upward revision of contribution from the services sector.
Services now account for 46.9% of 2013 GDP, up from the previous estimate of 46.1%, while the manufacturing and construction sector contribution has been revised lower to 43.7% of GDP, from 43.9%. Some analysts were of the opinion that the 2013 GDP revision would help the government to meet its growth target of 7.5% in 2014.
However, the bureau said in a statement that , “the revision of 2013 GDP could affect the size of 2014 GDP but will basically not affect GDP growth for 2014”.
Services now account for 46.9% of 2013 GDP, up from the previous estimate of 46.1%, while the manufacturing and construction sector contribution has been revised lower to 43.7% of GDP, from 43.9%. Some analysts were of the opinion that the 2013 GDP revision would help the government to meet its growth target of 7.5% in 2014.
However, the bureau said in a statement that , “the revision of 2013 GDP could affect the size of 2014 GDP but will basically not affect GDP growth for 2014”.