The Chinese economy advanced 6.5 percent year-on-year in the September quarter of 2018, after a 6.7 percent growth in the previous period and missing market consensus of 6.6 percent. It was the lowest growth rate since the first quarter of 2009 during global financial crisis, amid intense tariff dispute with the US and alarming off-balance-sheet borrowings by local governments. GDP Annual Growth Rate in China averaged 9.58 percent from 1989 until 2018, reaching an all time high of 15.40 percent in the first quarter of 1993 and a record low of 3.80 percent in the fourth quarter of 1990.

GDP Annual Growth Rate in China is expected to be 6.60 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 6.40 in 12 months time. In the long-term, the China GDP Annual Growth Rate is projected to trend around 5.80 percent in 2020, according to our econometric models.

China GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-04-17 02:00 AM GDP Growth Rate YoY 6.8% 6.8% 6.8% 6.7%
2018-07-16 02:00 AM GDP Growth Rate YoY 6.7% 6.8% 6.7% 6.7%
2018-10-19 02:00 AM GDP Growth Rate YoY 6.5% 6.7% 6.6% 6.6%



China Q3 GDP Growth Weakest Since Global Financial Crisis


The Chinese economy advanced 6.5 percent year-on-year in the September quarter of 2018, after a 6.7 percent growth in the previous period and missing market consensus of 6.6 percent. It was the lowest growth rate since the first quarter of 2009 during global financial crisis, amid intense tariff dispute with the US and alarming off-balance-sheet borrowings by local governments.

For the first three quarters of the year, China's economy expanded 6.7 percent compared to the same period 2017, amid continued efforts to deleverage debt and contain financial risks. Recently, S&P Global Ratings said off-balance-sheet debt by Chinese local governments could now be as high as CNY 40 trillion (USD 7.95 trillion), representing a “debt iceberg with titanic credit risks”. The value added of the primary industry was up by 3.4 percent; the secondary industry by 5.8 percent; and the tertiary industry by 7.7 percent.

Industrial production rose 5.8 percent year-on-year in September of 2018, after a 6.1 percent gain in the previous month and below market estimates of 6 percent. It was the weakest reading since February 2016, mainly due to a slowdown in manufacturing output (5.7 percent vs 6.1 percent in August). Meanwhile, production growth accelerated for: mining (2.2 percent vs 2 percent) and electricity, gas and water (11 percent vs 9.9 percent). Across industries, production went up at a softer rate for: food processing industry (4.5 percent vs 6 percent); automobile (0.7 percent vs 1.9 percent); and computer, communications (12.6 percent vs 17.1 percent), while output growth was steady for non-metallic mineral products (at 5.2 percent). At the same time, production grew further for: chemicals (5 percent vs 4.8 percent); ferrous metal smelting (10.1 percent vs 9.8 percent);and machinery (5.2 percent vs 3.3 percent). Considering the first nine months 2018, industrial output increased 6.4 percent.

Retail sales increased 9.2 percent from a year earlier in September 2018, following a 9 percent rise in the previous month and beating market expectations of 9 percent. It marked the fastest growth in retail trade since April, as sales growth accelerated for: garments (9 percent vs 7 percent in August); personal care (17.4 percent vs 15.8 percent); home appliances (5.7 percent vs 4.8 percent); furniture (9.9 percent vs 9.5 percent); and building materials (8.4 percent vs 7.9 percent). In addition, sales of telecoms picked up (16.9 percent vs 6.4 percent). Meanwhile, sales of cosmetics (7.7 percent vs 7.8 percent); jewelry (11.6 percent vs 14.1 percent); office supplies (4.9 percent vs 5.4 percent); and oil, oil products (19.2 percent vs 19.6 percent) went up at softer paces; while those of automobiles continued to fall (-7.1 percent vs -3.2 percent). From January to September, retail sales grew 9.3 percent. Retail sales in rural areas increased 10.4 percent, continuing to outpace the growth in urban regions, where sales rose 9.1 percent.

China's fixed-asset investment rose 5.4 percent year-on-year in January to September 2018, after a 5.3 percent rise in previous period and slightly above expectations of 5.3 percent. Fixed-asset investment increased a bit faster for public investment (1.2 percent vs 1.1 percent in January-August) while private investment grew 8.7 percent, the same as in the prior period. By sector, FAI grew for: agriculture (9.8 percent vs 12.1 percent); manufacturing (8.7 percent vs 7.5 percent); mining (6.2 percent vs 5.9 percent); transport, storage (3.2 percent vs 3.1 percent); water, enviromental and public facilities (3.4 percent vs 2.2 percent); health (8.3 percent vs 10 percent); and culture, sports (19.3 percent vs 18.7), while fell for electricity & utilities (-10.7 percent vs -11.4 percent).

Figures released earlier showed exports increased 14.5 percent year-on-year to USD 226.69 billion in September 2018, while imports grew 14.3 percent to USD 195 billion. The nine-month period trade surplus with the US was reported at USD 225.79 billion, up 15 percent from the same period of the previous year.

For 2018, the Chinese government targets growth at around 6.5 percent, the same as in 2017.


National Bureau of Statistics l Rida | rida@tradingeconomics.com
10/19/2018 7:33:07 AM


Recent Releases

China Q2 GDP Growth Slows to 6.7%
The Chinese economy advanced 6.7 percent year-on-year in the second quarter of 2018, easing from a 6.8 percent growth in the previous preiod and matching market consensus. It was the weakest pace of expansion since the third quarter of 2016 amid intensifying tariff battle with the US and efforts to deleverage debt and financial risks.
Published on 2018-07-16

China Q1 GDP Growth Remains Robust
The Chinese economy expanded by 6.8 percent year-on-year in the first quarter of 2018, the same pace as in the previous two quarters and in line with market expectations. Growth was mainly supported by solid consumption, property investment and exports.
Published on 2018-04-17

Chinese GDP Grows 6.9% in 2017
The Chinese economy expanded 6.8 percent year-on-year in the last quarter of 2017, the same as in the previous three months and beating market expectations of 6.7 percent. Considering full 2017, the economy grew 6.9 percent, well above the official target of near 6.5 percent and a 26-year low of 6.7 percent in 2016. Strong growth in industry and exports and a resilient property market were the main drivers of the expansion. For 2018, the Chinese government targets growth at around 6.5 percent, the same as in 2017 amid efforts to deleverage, contain debt and financial risks.
Published on 2018-01-18

China GDP Growth Eases to 6.8% in Q3
The Chinese economy advanced 6.8 percent year-on-year in the third quarter of 2017, following a 6.9 percent growth in the previous two periods and matching market consensus. It was the weakest pace of expansion since the fourth quarter of 2016, as fixed-asset investment rose the least in nearly 18 years while industrial output and retail sales increased further.
Published on 2017-10-19



China GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.60 1.70 2.40 1.40 percent [+]
GDP Annual Growth Rate 6.50 6.70 15.40 3.80 percent [+]
GDP 12237.70 11190.99 12237.70 47.21 USD Billion [+]
Gross National Product 824828.40 740598.70 824828.40 679.00 CNY HML [+]
Gross Fixed Capital Formation 346440.80 318083.60 346440.80 80.70 CNY HML [+]
GDP per capita 7329.09 6894.50 7329.09 132.00 USD [+]
GDP per capita PPP 15308.71 14400.90 15308.71 1526.40 USD [+]
GDP Constant Prices 650899.00 418961.10 827121.70 5262.80 CNY HML [+]
GDP From Agriculture 42173.00 22087.00 65467.60 649.30 CNY HML [+]
GDP From Construction 41590.00 25169.20 55689.00 181.90 CNY HML [+]
GDP From Manufacturing 222165.00 144656.40 279996.90 2207.80 CNY HML [+]
GDP From Services 345773.00 227575.60 427031.50 2212.70 CNY HML [+]
GDP From Transport 29556.00 19042.10 36802.70 393.20 CNY HML [+]


China GDP Annual Growth Rate

In China, Gross Domestic Product is divided by three sectors: Primary, Secondary and Tertiary. The Primary Industry includes Farming, Forestry, Animal Husbandry, and Fishery and accounts for around 9 percent of GDP. The Secondary sector, which includes Industry (40 percent of GDP) and Construction (9 percent of GDP) is the most important. The Tertiary sector accounts for the remaining 44 percent of total output and consist of Wholesale and Retail Trades; Transport, Storage, and Post; Financial Intermediation; Real Estate; Hotel and Catering Services and Others. This page provides - China GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. China GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on November of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
6.50 6.70 15.40 3.80 1989 - 2018 percent Quarterly




Country Last
India 8.20 Jun/18
China 6.50 Sep/18
Turkey 5.20 Jun/18
Indonesia 5.17 Sep/18
Australia 3.40 Jun/18
Switzerland 3.40 Jun/18
United States 3.00 Sep/18
Mexico 2.60 Sep/18
Singapore 2.60 Sep/18
Spain 2.50 Sep/18
Netherlands 2.40 Sep/18
South Korea 2.00 Sep/18
Canada 1.90 Jun/18
Euro Area 1.70 Sep/18
Saudi Arabia 1.61 Jun/18
France 1.50 Sep/18
United Kingdom 1.50 Sep/18
Russia 1.30 Sep/18
Germany 1.10 Sep/18
Brazil 1.00 Jun/18
Italy 0.80 Sep/18
South Africa 0.40 Jun/18
Japan 0.30 Sep/18
Argentina -4.20 Jun/18


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