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The National Bureau of Statistics (NBS) stated on Friday that revising GDP data is a common international practice and has always been a routine part of China’s government statistics work.
The revised GDP figure for 2023 will not have a significant impact on the GDP growth rate for 2024.
The comments came after the NBS announced on Thursday that it has revised the preliminary GDP estimate for 2023, based on China’s GDP accounting system and the results of the Fifth National Economic Census.
China’s 2023 gross domestic product (GDP) has been revised to 129.4 trillion yuan (US$18 trillion), representing an increase of 3,4 trillion yuan from the preliminary calculation, according to the revision results, Xinhua News Agency reported on Thursday.
The NBS said in a release on its official website on Friday that revising GDP data is a common practice internationally and aligns with China’s national economic accounting system.
China’s GDP calculations involve two rounds: a preliminary figure, based on progress statistical survey data and administrative records, and a final verification that adjusts the preliminary figure. In years with an economic census, the census data is used to revise the preliminary GDP figures, as it provides comprehensive, rich, and accurate foundational data for GDP accounting.
The NBS clarified that despite the increase in the overall volume of the revised 2023 GDP, it will not significantly affect the 2024 GDP growth rate, as the revised 2023 GDP serves as the base for the preliminary calculation of 2024, and the growth rates of various industry-related indicators will be used for the calculation. — Global Times.
Online Reporter