The Chinese economy shrank 6.8 percent year-on-year in the first quarter of 2020, after a 6 percent growth in the last three months of 2019 and compared with market forecasts of a 6.5 percent decline. It is the first GDP contraction since records began in 1992, reflecting the severe damage caused by the COVID-19 outbreak after the authorities enforced a near two-month-long shutdown of all non-essential business activity. The industrial sector dropped 9.6 percent, services fell 5.2 percent and the primary sector went down 3.2 percent. Car production recorded the sharpest decline (-44.6 percent). However, China's long term growth potential will not be affected by the short term fallout of the coronavirus pandemic, as the country's economic fundamentals remain unchanged, the authorities said.
GDP Annual Growth Rate in China averaged 9.32 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. This page provides - China GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. China GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2020. source: National Bureau of Statistics of China
GDP Annual Growth Rate in China is expected to be -4.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in China to stand at 4.40 in 12 months time. In the long-term, the China GDP Annual Growth Rate is projected to trend around 5.60 percent in 2021 and 5.90 percent in 2022, according to our econometric models.