Monday, January 09, 2006

China's Annual Growth Figures Upwardly Revised

The upward revision of China's GDP with 16.8% from 13.7 trillion yuan ( roughly $1.7 trillion) to 16 trillion yuan (roughly $2 trillion) in 2004 have now -as one could have expected- been followed by upward revisions in GDP growth for the last 25 years.

Growth in 1979-2004 was upwardly revised from 9.4% to 9.6%, with a particularly big upward revision coming in the last few years. Growth in 2002 was upwardly revised to 9.1% from 8.3%, growth in 2003 was revised up to 10.0% from 9.5% and growth in 2004 was revised up to 10.1% from 9.5%. 2005 figures are yet to be released, but a Chinese government official have been unofficially quoted as saying it is likely to be 9.8%.

As the statistics now include more of the rapidly growing private service sector, annual growth numbers will probably more or less permanently be raised a few tenths of a percent.


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