Announcements from China's National Bureau of Statistics on regional GDP revisions

China Revises 2023 GDP to 129.4 Trillion Yuan, Up 3.4 Trillion Yuan, Impact on 2024 Growth Minimal

Dec 26, 2024, 08:30 AM

China's National Bureau of Statistics has revised its 2023 Gross Domestic Product (GDP) to 129.4 trillion yuan (approximately $17.73 trillion), reflecting an increase of 3.4 trillion yuan or 2.7% from the previous estimate. This revision was announced on December 26, 2024, and indicates a positive adjustment in the country's economic performance for the year. Despite this upward revision, officials have stated that it will not significantly impact the projected GDP growth for 2024. The deputy director of the Stats Bureau, Tao, also indicated plans to revise regional GDP figures for 2023. The final GDP figures are based on comprehensive accounting processes, including preliminary calculations and final adjustments, which are influenced by findings from the fifth national economic census.