National Bureau of Statistics: Although the revised GDP figures for 2023 will change in total, they will not have a significant impact on the GDP growth rate for 2024

Wallstreetcn
2024.12.26 08:31

National Bureau of Statistics: Regarding the impact of the revision of the 2023 GDP accounting data on the GDP growth rate in 2024, overall, after the verification of the 2023 GDP, the total amount of GDP in 2024 will change somewhat, but the accounting of the GDP growth rate in 2024 will not be significantly affected. According to the current GDP accounting methods in our country, the preliminary GDP accounting mainly uses the growth rates of relevant indicators for estimation. In other words, when preliminarily accounting for the GDP in 2024, the revised figure for the GDP in 2023 serves as the base, and the growth rates of relevant indicators from different industries are used for accounting. This means that the growth rate of added value for each industry in 2024 is first estimated, and then the total amount of added value for 2024 is calculated based on this growth rate and the total amount of added value from the previous year. Therefore, although the revised figure for the 2023 GDP will change in total amount, it will not have a significant impact on the GDP growth rate in 2024. Based on the data from the past four economic censuses, data revisions have not had a significant impact on the GDP growth rates of subsequent years. (China.com)

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