The Chinese economy advanced 7.9 percent year-on-year in Q2 of 2021, slowing sharply from a record 18.3 percent growth in Q1 and missing market consensus of 8.1 percent. A slowdown in factory activity, higher raw material costs, and new COVID-19 outbreaks in some regions all weighed on the recovery momentum. During the first half of the year, the economy grew by 12.7 percent, amid a low base effect from last year's coronavirus-triggered slump. China has set an economic growth target of “above 6 percent” for 2021 after expanding the least in over four decades of 2.3% in 2020. Analysts generally believe the country is on track to meet the growth target for the year although the economy is expected to slow slightly in the second half of 2021 as consumers globally start to spend more on services, hitting China’s export sector. Still, upbeat retail sales for June suggest consumer spending in China remains resilient. source: National Bureau of Statistics of China
GDP Annual Growth Rate in China averaged 9.27 percent from 1989 until 2021, reaching an all time high of 18.30 percent in the first quarter of 2021 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 July of 2021.
GDP Annual Growth Rate in China is expected to be 6.30 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 6.00 in 12 months time. In the long-term, the China GDP Annual Growth Rate is projected to trend around 5.90 percent in 2022 and 5.40 percent in 2023, according to our econometric models.