Catch up – China revises up 2023 GDP by 2.7% from previous estimate

China’s National Bureau of Statistics (NBS) announced the revision on Thursday, following the completion of the fifth National Economic Census:

• Gross domestic product (GDP) in 2023 was raised by 3.4 trillion yuan to 129.4 trillion (US$17.73 trillion)
• said the change would have little impact on growth this year

China’s National Economic Census is a comprehensive survey conducted by the Chinese government to collect detailed data on the country’s economic activities. It is typically carried out every five years and aims to provide a complete picture of the structure, size, and performance of China’s economy. The census is managed by the National Bureau of Statistics (NBS) in collaboration with local governments.

NBS added:

• “Overall, the Fifth National Economic Census has yielded fruitful results, with the major data objectively reflecting the new progress and achievements in China’s economic and social development over the past five years”

More info in Chinese media, Global Times, for example.

This article was written by Eamonn Sheridan at www.forexlive.com.