By Zhou Lanxu | China Daily | Updated: 2019-10-19 03:28 [Photo/VCG] China's GDP growth slowed to 6.0 percent year-on-year in the third quarter, the lowest quarterly expansion in 27 years. China GDP Annual Growth Rate History. China's growth dropped last quarter to its lowest level in nearly three decades, as the world's second largest economy continues to feel the pain from the trade war with the United States. When comparing Fengbo Zhang's GDP measurement in the 1980s and the GDP in 1997 by the NBS and Japan's cooperative research, the two are found to be very consistent; the deviation rate each year is very slight, between only 0.1% and 7%. The value of the Dow Jones Industrial Average ebbs and flows with recessions, recently reaching an all-time high before contracting a little to 4.45 times the size it was 30 years ago. If you adjust numbers for purchasing … Switzerland gdp growth rate for 2019 was 0.93%, a 1.82% decline from 2018. China gdp growth … we can issue a permission document, granting non-exclusive rights to reproduce, store, publish, & distribute. We also used the World Bank to determine high and low income countries. The U.S. economy is only 2.09 times bigger than it was in 1989. Basic Info. Published Tue, Feb 4 2020 6:37 AM EST Updated Tue, Feb 4 2020 8:52 AM EST. In depth view into China GDP including historical data from 1960, charts and stats. [5], China's nominal GDP surpassed that of Italy in 2000, France in 2005, the United Kingdom in 2006, Germany in 2007, Japan in 2010 and that of the Princeton N. J. Princeton University Press, This page was last edited on 29 December 2020, at 01:10. China’s economy started to grow in 1989 and hasn’t let up, double in size roughly every 8 to 10 years. China has the world's fastest-growing major economy, with growth rates averaging 10% over 30 years. Share this article on Twitter and let your friends know. From 1979 until 2010, China's average annual GDP growth was 9.91%, reaching a historical high of 15.2% in 1984 and a record low of 3.8% in 1990. GDP (constant 2010 US$) GDP (current US$) GDP (constant LCU) GDP: linked series (current LCU) GDP, PPP (constant 2017 international $) GDP (current LCU) GDP, PPP (current international $) GDP per capita growth … The National Bureau of Statistics of China released the new data on Friday, the same day it announced that the country's GDP growth has fallen to its lowest level in nearly 30 years. The Euro area and other high income countries, including the U.S., have grown much slower than China. News All News. Latest Releases and Calendar Events. China is able to post such impressive growth numbers because it started as an agrarian economy in 1989, and then transformed into a manufacturing powerhouse. It’s more than 14 times as big as it was in 1989. The GDP growth rate shows whether the country’s economy is flourishing or taking a dive. dollar are based on the World Economic Outlook Database October 2019, "Chinese Macroeconomic Structure and Policy" (June 1988), List of Chinese administrative divisions by GDP per capita, List of Chinese administrative divisions by GDP, Comparison between Chinese provinces and sovereign states by GDP PPP, List of country subdivisions by GDP over 100 billion US dollars, China NBS Announcement: GDP Revision according to SNA2008 (Chinese), China revises Historical GDP according to SNA2008, "Annual > Indicators > National Accounts > Gross Domestic Product", https://www.bloomberg.com/news/articles/2018-03-06/china-s-economy-is-set-to-overtake-combined-euro-area-this-year, "National Economy was Generally Stable in 2019 with Main Projected Targets for Development Achieved", China NBS: National data - annual - national accounts - Gross Domestic Product, Statistical Communiqué of the People's Republic of China on the 2017 National Economic and Social Development, "Download WEO Data: October 2019 Edition", United Nations: National Accounts Main Aggregates Database - Latest Data Upload (December 2015), World bank / World Development Indicators (, United Nations: National Accounts main aggregates database (loaded on December 2015), List of top international rankings by country, Grasping the large, letting go of the small, China Banknote Printing and Minting Corporation, National Development and Reform Commission, Ministry of Industry and Information Technology, State-owned Assets Supervision and Administration Commission, State Administration for Industry and Commerce, China Council for the Promotion of International Trade, All-China Federation of Industry and Commerce, Guangdong-Hong Kong-Macau Greater Bay Area, Mainland and Hong Kong Closer Economic Partnership Arrangement, Mainland and Macau Closer Economic Partnership Arrangement, Regional Comprehensive Economic Partnership, History of trade of the People's Republic of China, https://en.wikipedia.org/w/index.php?title=Historical_GDP_of_China&oldid=996877451, Economic history of the People's Republic of China, All Wikipedia articles in need of updating, Wikipedia articles in need of updating from January 2012, Creative Commons Attribution-ShareAlike License, Ta-Chung Liu, Kung-Chia Yeh: The Economy of the Chinese Mainland. Its GDP was 12.2 Trillion dollars in 2017 (World Bank). President Trump constantly warns about China as a threat to the world. Components of GDP by Industries (Revision based on the 4th Economic Census 2018), List of China GDP by three International organizations, comparison for percentage share of world nominal GDP, comparison of Nominal GDP per capita by year, comparison for percentage share of world nominal GDP, Comparative data of three International organizations, the historical PPP GDP figures of Mainland China and exchange rates of Chinese yuan to Int'l. This article includes a list of China's historical gross domestic product (GDP) values, the market value of all final goods and services produced by a nation in a given year. 10 Year Treasury Rate; S&P 500 Dividend Yield; S&P 500 Earnings; S&P 500 Historical Prices; more; multpl. Even with science and technology as advanced as it is today, the single item survey is allowed at least ±3%, or a total of 6% deviation. China’s growth rate surpassed every other measure we found, from the Dow Jones Industrial Average, to rich and poor countries, and even U.S. debt. Quarterly GDP growth rate slowest in 27 years. China gdp growth rate for 2019 was 6.11%, a 0.64% decline from 2018. Elliot Smith @ElliotSmithCNBC. This was down from 6.4% in the first quarter and 6.2% in the second. Real GDP takes into account inflation, so you can compare the GDP of different years. This lets us measure growth rates in real terms over the last 30 years. Switzerland gdp growth rate for 2018 was 2.75%, a 0.95% increase from 2017. U.S. national debt, on the other hand, tends to grow no matter what the economy is doing. Do you think China’s economic growth has been a positive thing for the world? National Income and Economic Development, 1933–1959. China takes American jobs, adds to the national trade deficit and steals intellectual property. From agrarian economy to global superpower in half a century—China’s transformation has been an economic success story unlike any other. [6] But adjusting for purchasing power parity (PPP), China become the world's second largest economy as early as 1999 surpassing Japan, and has toppled America to become the biggest economy since 2014.[7]. India reached an all time high of 9.63% in 1988 and a record low of -5.24% in 1979. Switzerland gdp growth rate for 2016 was 1.72%, a … Do you want to republish our data visualizations and/or articles? Label. China’s economy grew by 6.1 per cent in 2019, the lowest annual growth rate for 29 years, the National Bureau of Statistics announced on Friday. The stock market obviously contracts during recessions before recovering, but it’s only 4.45 times as big as it was 30 years ago. US economy achieved the highest growth rate of 2.9% in 2015 (WorldBank). In fact, there’s been a U.S. national debt boom over the last few years even with a strong economy. During the 2008-17 period, China’s GDP growth rate was highest in 2010 at 10.6%. 1961 - 2019. Despite the extremely difficult conditions of a destroyed economy, blank theory, a lack of data, and simple methods in the 1980s, there is so little deviation for such a long period of time and the comprehensiveness of the national economic indicator, indicates that the research conducted by Fengbo Zhang with the support of the extensive group he trained is extremely rigorous, and their result very precise. Based on the current price, the country's average annual GDP growth in these 32 years was 15.8%, reaching an historical high of 36.41% in 1994 and a record low of 6.25% in 1999. View a high-resolution version of this graphic here. Chart: 70 Years of China’s Economic Growth. We arrived at the numbers behind our visual by pulling from a few different sources. China's GDP was $14.4 trillion (99 trillion Yuan) in 2019. President Trump is famous for his trade war, even if a deal seems like it could happen anytime now. According to the IMF, on a per capita income basis, China ranked 73rd by GDP (PPP) per capita in 2019. dollar are based on the World Economic Outlook Database April 2019, the historical PPP GDP figures of Mainland China and exchange rates of Chinese yuan to Int'l. The SCC issued "The notice regarding implementation of System of National Accounting" in August 1992, the Western SNA system officially is introduced to China, replaced Soviet Union's MPS system, Western economic indicator GDP became China's most important economic indicator. This is the first GDP data which was published by China. In 2016, the 2008 SNA was formally brought into use.[1]. These will be for sale soon. China's economic growth has slumped to its lowest level in nearly three decades as the world's second largest economy feels the effects of a prolonged trade war with the United States. China attains maximum gdp growth rate of 19.30% in year 1970 and minimum -27.27% in 1961. China’s growth rate surpassed every other measure we found, from the Dow Jones Industrial Average, to rich and poor countries, and even U.S. debt. This achievement created the foundation for China GDP research. China Real GDP by Year. Additionally, the research compared MPS and SNA, looking at the results from the two systems from analyzing Chinese economy. Eurozone in 2018 making China the world's third largest economy after the European Union and United States. Accumulated quarterly GDP estimation is formed. (Bloomberg) -- China revised down its official GDP growth rate for 2019 to 6% from 6.1%, mainly due to a lower estimate for manufacturing output, a change that will make it slightly easier for officials to report economic expansion this year. [2] Xie Fuzhan, former Director, and Ma Jiantang, current Director of the NBS, both participated in Dr. Fengbo Zhang's research project in the 1980s, as assistant researcher and graduate student, respectively, of the Research Center of the SCC. We found U.S. debt numbers from The Balance. China’s economy grows at slowest rate in nearly 30 years. China started to study and then implement a new system of national economic accounting. Based on the current price, the country's average annual GDP growth in these 32 years was 15.8%, reaching an historical high of 36.41% in 1994 and a record low of 6.25% in 1999. But how should we understand the rapid rise of China on the global economic stage? Even if nothing happens and tariffs continue to escalate, multinational companies are still dropping buckets of money to invest in China. The GDP dollar estimates presented here are either calculated at market or government official exchange rates (nominal), or derived from purchasing power parity (PPP) calculations. The research systematically completed China's GDP and GDP per capita from 1952 to 1986 and analyzed growth rate, the change and contribution rates of each component. GDP Growth Rate in China averaged 1.75 percent from 2010 until 2020, reaching an all time high of 11.70 percent in the second quarter of 2020 and a record low of -10 percent in the first quarter of 2020. Report: World Development Indicators: Category: GDP Region: China: Source: World Bank: Stats. Send requests to: permissions@howmuch.net. A negative growth rate indicates contraction. the following is the quarterly GDP list. Based on Dr. Fengbo Zhang's research, in 1997, the National Bureau of Statistics of China (NBS), in collaboration with Hitotsubashi University of Japan, re-estimated China's GDP Data from 1952 up to 1995 based on the SNA principal. Give us credit as your source, "HowMuch.net, a financial literacy website", Copy this link to your website (Image is included here). menu. For example, the debt-to-GDP ratio shows how large debt levels aren’t necessarily a bad thing if a country’s economy is likewise enormous. We will email you when we're ready, just drop your address in the box. This article also includes historical GDP growth. Instead of GDP growth, Li announced other targets including a 3.5% increase in inflation, more than 9m new urban jobs and a registered urban unemployment rate of … It’s an open question how long it will take China to double yet again given these challenges, especially given the recent headlines about slowing down. This is a change of 12.06% from one year ago. The GDP also has been converted to U.S. dollar-based data by utilizing the moving average exchange rate. A summary of the above events has been included in the book "Chinese Macroeconomic Structure and Policy" (June 1988) edited by Fengbo Zhang, and collectively authored by the Research Center of the SCC. In 2019, the growth in real gross domestic product (GDP) in China amounted to about 6.11 percent. Four international agencies including WB, EIU, IMF, and UN give forecasts with the GDP Growth declining after 2018. Yet the economy is still expected to meet its annual growth target as policy support strengthens, analysts said. The growth rate continued to hover at the weakest in nearly three decades. E-mail me the best content from Howmuch.net, Select the way you want to use our Visualization. In 1986, as the first citizen of the People's Republic of China to receive a Ph.D. in economics from an overseas country, Dr. Fengbo Zhang headed Chinese Macroeconomic Research - the key research project of the seventh five-year plan, as well as completing and publishing the Chinese GDP data according to China's own research and calculations. Then, uneven reduction until 2018 has followed. During period 1961 to 2018, China grew by more than 10% in 22 years while India never. While GDP growth crossed over 3% in a few quarters the past three years, on a full year basis GDP growth hit a high point of 2.9% in 2018, the year that Trump’s tax cut took effect. Last 12 readings. Want to use our visualization online, including on open publications like blogs, news sites, etc.? Nominal GDP reflects the prices for the year in which the goods were produced. For the analysis of the other G20 economies, select a country page: China GDP is at a current level of 13.61T, up from 12.14T one year ago. License: CC BY-4.0 Line Bar Map. Afterwards, following the development of SNA of China, quarterly GDP is successively standardized and improved in estimation methodology, accounting classification, accounting procedure, release time and data quality control. This lets us measure growth rates in real terms over the last 30 years. As of 2019, China's public sector accounted for 63% of total employment. The Chinese economy grew an underwhelming 6% in quarter three, its weakest rate in at least 27 years. Past performance is no guarantee of future results, as everyone knows. In 1985, the State Council of China (SCC) approved the establishment of a SNA (System of National Accounting), using GDP to measure the national economy. China GDP Growth Rate Is Slowest in Five Years Economy Grew at a Slower Pace of 7.3% in the Third Quarter Economic growth a will be a focus at China’s fourth plenum, a … Switzerland gdp growth rate for 2017 was 1.80%, a 0.08% increase from 2016. Our visualization puts things in perspective. Another interesting storyline in our visual is how China’s rise has been steady and one-directional, but the Dow Jones Industrial Average and American debt levels have ebbed and flowed over the decades. … From 1979 until 2010, China's average annual GDP growth was 9.91%, reaching a historical high of 15.2% in 1984 and a record low of 3.8% in 1990. Before the 2008-09 global banking crisis, China’s GDP increased by an average of 10% per year for 30 years. The research also included international comparisons. News China's GDP growth slows to 27-year low. During this period, there were many data adjustments, with weighting factors undergoing significant changes along with each year's comparable price amendments, statistical method significant changes result in the substantial deviation. The research utilized the World Bank's method as a reference, and made numerous appropriate adjustments based on China's national condition. No matter the economic climate, U.S. debt levels continue to grow, almost quadrupling in inflation-adjusted dollars over the last 30 years. Thanks for your interest in purchasing a high-quality poster of this visualization. GDP Annual Growth Rate in China averaged 9.23 percent from 1989 until 2020, reaching an all time high of 15.30 percent in the first quarter of 1993 and a record low of -6.80 percent in the first quarter of 2020. China's yearly growth rate could fall below 2%, economist warns . It’s important to keep in mind how these figures are all relative, and there are lots of other ways to measure and compare wealth between countries. If you'd like to use our visualization in books, magazines, reports, educational materials, etc. Share Details. GDP growth rate was negative in five and four years for China and India, respectively. China’s economy grew by 6% in the third quarter, the slowest annual rate in 30 years. The gross domestic product of China in 2019 was CN¥ 99.08651 trillion,[4] or US$14.4 trillion (nominal). Despite the slowdown, the growth rate for 2018 exceeded the target of about 6.5% set by the Chinese government. It’s more than 14 times as big as it was in 1989. China GDP 13.61T USD for 2018 Overview; Interactive Chart; Level Chart. US tariffs having ‘major effect’ on companies ‘wanting to leave China’, says Trump . Not only quarterly GDP estimation by industries is established but also quarterly GDP estimation at expenditure approach is being studied. “Our current forecast has GDP growing at about 6% y/y in H2, bringing growth to between 2% and 2.5% in 2020, followed by over 8% growth next year. It’s grown 14.12 times in size since 1989. China’s real gross domestic product (GDP) grew at an average annual rate of nearly 10%.1 According to the World Bank, China has “experienced the fastest sustained expansion by a major economy in history—and has lifted more than 800 million people out of poverty.”2 China has emerged as a major global economic power. Today, China is the world’s second largest economy, making up 16% of $86 trillion global GDP in nominal terms. First, we grabbed GDP growth figures from the World Bank and returns from the Dow Jones Industrial Average from macrotrends. China’s economy has grown significantly faster than every measure on our visual. The money supply increased right along with it, created on the books of its state-owned banks. Visualizing China's Economic Growth in the Past 30 Years. The following table shows the GDP of … It’s also critical to understand how the U.S. is still the biggest economy, by a lot. We adjusted all of these figures to reflect 2019 dollars, allowing us to create a true apples-to-apples comparison across time. In China, the peak of 10.6% of GDP Growth over the past 7 years occurred in 2010. China's quarterly GDP estimation was formally established in 1992. China’s economy started to grow in 1989 and hasn’t let up, double in size roughly every 8 to 10 years. GDP growth (annual %) World Bank national accounts data, and OECD National Accounts data files.