World Economy

China Rectifies Size of Its 2013 Economy

China Rectifies Size of Its 2013 Economy China Rectifies Size of Its 2013 Economy

China revised up the size of its economy in 2013 but sees that having little effect on economic growth this year. This comes amid expectations that Beijing may roll out more stimulus to support the slowing economy.

Chinese gross domestic product was up 3.4% to an estimated 58.8 trillion yuan ($9.5 trillion) in 2013, the National Bureau of Statistics said today, after a new economic census, RTE news reported.

That marks a rise of 1.9 trillion yuan, or $305 billion, in the size of the Chinese economy that year, slightly below the entire gross domestic product of Malaysia during the same time, according to World Bank statistics.

The dollar value of Ireland's entire economic output last year was $212m.

The upward revision of Chinese GDP, which reflected a greater contribution from the services sector that may create more jobs as factories struggle, will do little to ease pressures on the government to support the slowing economy, analysts say.

Services accounted for 46.9% of Chinese GDP last year, up from an initial estimate of 46.1%. The secondary sector – which includes manufacturing and construction – accounted for 43.7% of GDP, down from 43.9%.  

The third economic census, which was published earlier this week, showed that the services sector had expanded at a faster pace than the manufacturing sector between 2009 and 2013.

The statistics bureau said it was still revising the historical GDP data series, which could show revised economic growth for 2013 and previous years.

"The revision of 2013 GDP could affect the size of 2014 GDP but will basically not affect GDP growth for 2014," the bureau said in a statement.

Some analysts had previously expected the GDP revision to make it easier for the government to meet its growth target of around 7.5% in 2014. The past two censuses led to a 16.8% revision to 2004 GDP size and a 4.4% increase in 2008.

China's economic growth weakened to 7.3% in the third quarter, and November's soft factory and investment figures suggest full-year growth will miss Beijing's 7.5% target and mark the weakest expansion in 24 years.

Economists who advise the government have recommended that China lower its growth target to around 7% in 2015.