China’s economy is growing rapidly
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China’s GDP in the first half of 2021 amounted to about $ 8.24 trillion, the State Statistical Office of the People’s Republic of China noted.
In the first six months of 2021, the economic growth rate was 12.7%. It is reported by TASS with reference to the report of the State Statistical Office of the People’s Republic of China on Thursday, June 15.
“According to preliminary estimates, China’s GDP in the first half of 2021 amounted to 53.216 trillion yuan (about $ 8.24 trillion at current exchange rates), an increase of 12.7% in annual terms. In particular, in the first quarter, growth was 18.3% , in the second quarter the figure was 7.9%, “the report says.
According to the published document, the agricultural sector of the PRC for the specified period increased by 7.8%, to 2.84 trillion yuan (about $ 439.6 billion), industry – 14.8%, to 20.715 trillion yuan ($ 3.2 trillion), the sphere services – by 11.8%, to 29.661 trillion yuan ($ 4.59 trillion).
The growth rates of the PRC’s GDP are gradually slowing down. In 2018, they amounted to 6.6%, and in 2019 – 6%. In 2020, due to the negative impact of the pandemic, the dynamics turned out to be the lowest since 1976, amounting to 2.3%.
At the same time, industrial production in the first half of this year in China increased by 15.9% on an annualized basis, the report said. In June alone, the growth rate was 8.3%. According to the results of the first quarter, the indicator reached 24.5%.
The growth rate of industrial production in the PRC has been gradually decreasing over the past few years. In 2018, the figure was 6.2%, in 2019 – 5.7%, and last year, amid the pandemic, fell to 2.8%.
The consumer price index in China, a key indicator of the inflation rate, amounted to 0.5% in the first half of this year. As indicated in the document, in January-June prices in cities of the country increased by 0.6%, in rural areas – by 0.4%.
Prices for food, alcohol and tobacco in the first half increased by 0.4%. At the same time, the cost of pork – one of the key elements of the consumer basket in China – decreased by 19.3% in annual terms. Cereal prices rose 1.2%, fresh fruits rose 2.6% and vegetables 3.2%.
According to the report, in June alone, inflation in China was 1.1%, down 0.2% from May.
At the end of 2020, the inflation rate in China was 2.5%, which is lower than the target set for 2020 at 3.5%. This year, the authorities have set an inflation target of 3%.
As a reminder, in the first quarter of 2021 China’s economy showed growth of 18.3% against the first quarter of 2020 – a record figure since 1992.
As reported, the IMF believes that in 2021 the world economy will grow fasterthan expected at the end of last year. Global GDP growth is expected to be 6% this year.
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