The National Bureau of Statistics of China recently released the preliminary accounting results of China’s GDP for the first quarter of 2023. These results show that China’s GDP in Q1 2023 was 284997 million yuan, with a growth rate of 4.5% compared to the same period last year. The preliminary accounting results also show the breakdown of GDP by the primary, secondary, and tertiary industries, as well as specific industries within those categories. The primary industry, which includes farming, forestry, animal husbandry, and fishery, saw a growth rate of 3.7%, with a total output value of 11575 million yuan. The secondary industry, which includes manufacturing, construction, and mining, had a growth rate of 3.3% and a total output value of 107947 million yuan. The tertiary industry, which includes services such as finance, real estate, and retail, saw the highest growth rate of 5.4% and a total output value of 165475 million yuan. Within the tertiary industry, some specific industries saw significant growth rates. Accommodation and restaurants had a growth rate of 13.6%, while information transmission, software, and information technology services had a growth rate of 11.2%. Other industries that saw growth include finance (6.9%), renting and leasing activities and business services (6.0%), and transportation, storage, and post (4.8%). The preliminary accounting results also include year-on-year and quarter-on-quarter growth rates for GDP. Compared to the same period last year, Q1 2023 had a growth rate of 4.5%. The quarter-on-quarter growth rate for Q1 2023 was 2.2%, with seasonal adjustments. The calculation of GDP is an essential tool for measuring the economic conditions and level of development of a country. It is calculated using three approaches: production approach, income approach, and expenditure approach. The production approach, which is used in China’s GDP accounting, involves removing the value of intermediate goods and services from the value of goods and services created in the production process to get the value-added. The sum of value-added by production approach of various industries of national economy is then used to calculate GDP.
http://www.stats.gov.cn/english/PressRelease/202304/t20230419_1938796.html