China GDP Annual Growth Rate1989-2020 Data | 2021-2023 Forecast | Calendar

The Chinese economy advanced 6.5 percent year-on-year in the December quarter, after a 4.9 percent growth in the third quarter and above market consensus of 6.1 percent. The latest reading matched pre-pandemic growth rates, with industrial output rising the most in 3-1/2 years in December. For full 2020, the country's GDP expanded 2.3 percent, the slowest pace in more than four decades. Still, China is likely to be the only major economy to avoid contraction due to the COVID-19 shocks. In 2020, the primary sector went up 3 percent, with live pig inventory surging 31 percent. Industry advanced 2.6 percent, with manufacturing rising 3.4 percent, utilities 2 percent and mining 0.5 percent. The tertiary sector expanded 2.1 percent. Also, real estate investment grew 7 percent, with residential rising 7.6 percent and office building 5.4 percent.

The Chinese economy advanced 4.9% yoy in Q3 2020, faster than a 3.2% expansion in Q2 but below forecasts of a 5.2% growth. Despite the lower-than-expected reading, there are signs the expansion is finally extending to consumption after a state-backed industrial recovery. Retail sales rose 3.3% yoy in September, above forecasts and the highest reading so far this year. Industrial production went up 6.9%, also higher than expected and the biggest gain in 2020. For the first nine months of the year, the economy expanded 0.7%, recovering all the ground it lost in the first half, with the primary industry increasing 2.3%, the secondary 0.9% and the services sector 0.4%. Rising global demand for medical equipment and work-from-home technology has been boosting exports while government support including more fiscal spending, tax relief and cuts in lending rates and banks' reserve requirements has also helped to boost the recovery.

The Chinese economy grew by 3.2 percent year-on-year in the second quarter of 2020, rebounding from a record 6.8 percent contraction in the previous three-month period and beating market consensus of a 2.5 percent expansion. The country became the first major economy to report growth following the coronavirus pandemic, as factories and stores reopened following months of coronavirus-induced restrictions. However, a continuing fall in retail trade underlined weakness in consumer spending and the need for more support from Beijing to accelerate the economic recovery. Considering the first half of the year, the economy contracted by 1.6 percent over the same period of 2019.

The Chinese economy shrank 6.8 percent year-on-year in the March quarter of 2020, after a 6 percent growth in the previous period and compared with market consensus of a 6.5 percent decline. This was the first contraction since the report began in 1992, reflecting severe damage caused by the COVID19 outbreak and raising pressure on authorities to shore up growth amid mounting job losses and concerns over social stability while keeping debts and financial risks under control.