China Gross Domestic Product y/y reflects the market value of all goods and services produced by all China residents during a given quarter compared to the same quarter of the previous year. GDP is the main indicator of the national economy state and an important indicator of the country's level of development.
There are three approaches to the calculation of GDP: from production perspective, in terms of revenues received and in terms of expenditures incurred.
The National Bureau of Statistics of China calculates GDP using a production approach. It takes into account all paid goods and services produced in the country. Natural factors of potential goods growth (such as natural reproduction of wild plants or of fish in the sea) are excluded from the calculation. Data on Hong Kong, Macao and Taiwan GDP are excluded from the calculation.
Production sectors are classified in two ways: according to the national industrial classifier and according to the level of processing (primary industry – agriculture and forestry, fishing; secondary industry - mining, industrial production and energy; tertiary sector - service industry).
GDP is calculated based on data collected from statistical reports from different sectors, as well as by collecting administrative data (from tax authorities, the Ministry of Finance, Insurance Regulatory Commission, the People's Bank of China, etc.).
A deflator is used in the value added calculation for different sectors. Also, data is seasonally adjusted (i.e. calculation excludes holidays, climate change, less working days or annual leave schedules).
GDP growth indicates a favorable economic situation and can have a positive effect on yuan quotes.
The chart of the entire available history of the "China Gross Domestic Product (GDP) y/y" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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