According to GDP statistics from 2021, China’s most productive provinces and cities are listed below. According to the National Bureau of Statistics, China’s GDP in 2021 was RMB 114.4 trillion (US$17.7 trillion), up around RMB 13 trillion (US$3 trillion) from 2020, or 8.1 percent year-on-year growth (NBS).
What was China’s GDP in the previous year?
- As of 2017, China’s nominal (current) Gross Domestic Product (GDP) is $12,237,700,479,375 (USD).
- In 2017, China’s real GDP (constant, inflation-adjusted) was $10,161,012,758,870.
- In 2017, the GDP Growth Rate was 6.90 percent, an increase of 655,855,828,215 US dollars over 2016, when Real GDP was $9,505,156,930,655.
- In 2017, GDP per capita in China (with a population of 1,421,021,791 people) was $7,150, up $429 from $6,722 in 2016; this is a 6.4 percent increase in GDP per capita.
What is the GDP of the United States in 2021?
In addition to updated fourth-quarter projections, today’s announcement includes revised third-quarter 2021 wages and salaries, personal taxes, and government social insurance contributions, all based on new data from the Bureau of Labor Statistics Quarterly Census of Employment and Wages program. Wages and wages climbed by $306.8 billion in the third quarter, up $27.7 billion from the previous estimate. With the addition of this new statistics, real gross domestic income is now anticipated to have climbed 6.4 percent in the third quarter, a 0.6 percentage point gain over the prior estimate.
GDP for 2021
In 2021, real GDP climbed by 5.7 percent, unchanged from the previous estimate (from the 2020 annual level to the 2021 annual level), compared to a 3.4 percent fall in 2020. (table 1). In 2021, all major components of real GDP increased, led by PCE, nonresidential fixed investment, exports, residential fixed investment, and private inventory investment. Imports have risen (table 2).
PCE increased as both products and services increased in value. “Other” nondurable items (including games and toys as well as medications), apparel and footwear, and recreational goods and automobiles were the major contributors within goods. Food services and accommodations, as well as health care, were the most significant contributors to services. Increases in equipment (dominated by information processing equipment) and intellectual property items (driven by software as well as research and development) partially offset a reduction in structures in nonresidential fixed investment (widespread across most categories). The rise in exports was due to an increase in products (mostly non-automotive capital goods), which was somewhat offset by a drop in services (led by travel as well as royalties and license fees). The increase in residential fixed investment was primarily due to the development of new single-family homes. An increase in wholesale commerce led to an increase in private inventory investment (mainly in durable goods industries).
In 2021, current-dollar GDP climbed by 10.1 percent (revised), or $2.10 trillion, to $23.00 trillion, compared to 2.2 percent, or $478.9 billion, in 2020. (tables 1 and 3).
In 2021, the price index for gross domestic purchases climbed 3.9 percent, which was unchanged from the previous forecast, compared to 1.2 percent in 2020. (table 4). Similarly, the PCE price index grew 3.9 percent, which was unchanged from the previous estimate, compared to a 1.2 percent gain. With food and energy prices excluded, the PCE price index grew 3.3 percent, unchanged from the previous estimate, compared to 1.4 percent.
Real GDP grew 5.6 (revised) percent from the fourth quarter of 2020 to the fourth quarter of 2021 (table 6), compared to a fall of 2.3 percent from the fourth quarter of 2019 to the fourth quarter of 2020.
From the fourth quarter of 2020 to the fourth quarter of 2021, the price index for gross domestic purchases climbed 5.6 percent (revised), compared to 1.4 percent from the fourth quarter of 2019 to the fourth quarter of 2020. The PCE price index grew 5.5 percent, unchanged from the previous estimate, versus a 1.2 percent increase. The PCE price index grew 4.6 percent excluding food and energy, which was unchanged from the previous estimate, compared to 1.4 percent.
In 2022, what will China’s GDP be?
According to our econometric models, China’s GDP will trend around 16700.00 USD Billion in 2022 and 17400.00 USD Billion in 2023 in the long run. The gross domestic product (GDP) is a measure of a country’s economic output and income.
What is India’s and China’s GDP?
“China has begun a policy of engaging in confrontation with a vast number of nations. There is a danger of going too far. India’s foreign policy posture, on the other hand, is far more balanced, with good relations with many (though not all) of its natural partners… These distinctions suggest that’strategic patience’ is more than wishful thinking. There is reason to believe that India may one day be able to compete directly with China in terms of economics, commerce, intellectual property, and culture “It declares.
The study recommends that India emphasis on “internal policy inadequacies that have held India back, as well as finding the energy and intellectual capacity to overcome them.”
The gap between China’s and India’s growth rates is currently substantial, according to the research.
“China has a nominal GDP of $14.9 trillion, whereas India has a nominal GDP of $2.6 trillion. In PPP terms, China is worth $24.2 trillion, whereas India is worth $8.7 trillion. In the future, reasonable growth rates for China are estimated to be around 3%, 4%, or 5%. Growth rates of 4, 6, or 8 percent are reasonable scenarios for India’s growth “It says rcent,” it says.
“If India can address internal policy weaknesses, growth rates of 6 or 8% become more possible,” says the report, adding that “there are numerous scenarios over the next 20 years or so where the comparison becomes less unfair.”
If India develops at 8% and China grows at 4% over the next 20 years or so, the two GDP values in equivalent PPP terms will be $53 trillion for China and $40 trillion for India in 2041, according to the report.
Given the tensions between the two countries, the article claims that New Delhi has been seeking for “levers” to increase economic pressure on China.
It proposes that India’s goal be to “think strategically about building India into an advanced economy.”
The paper argues that there are three areas where “there is a case for a retreat from engagement with China,” including “introducing restrictions against Chinese state-controlled companies having a controlling stake in a hotlist of sensitive infrastructure assets,” such as ports and airports, but not highways.
“There is a need to engage with global standards processes rather than Chinese-controlled technological standards. In particular, India must follow global standards for mobile telephony, including 5G, and avoid Chinese-controlled norms “It declares.
Finally, it states that “India must police against and prohibit Chinese governmental surveillance of Indian citizens, which appears to be done frequently through backdoors in network equipment.”
What is India’s GDP in trillions?
During the Finance Minister’s post-Budget engagement with the media, he stated that the country’s gross domestic product (GDP) has already surpassed USD 3 trillion in dollar terms. By 2024-25, Prime Minister Narendra Modi wants India to be a USD 5 trillion economy and a worldwide economic superpower.
Is China wealthier than the United States?
In both nominal and PPP terms, the United States and China are the world’s two largest economies. The United States leads in nominal terms, while China has led in PPP terms since 2017, when it overtook the United States. In nominal and PPP terms, both countries account for 41.89 percent and 34.75 percent of global GDP in 2021, respectively. Both countries have much bigger GDPs than the third-placed countries, Japan (nominal) and India (PPP). As a result, only these two are competing for first place.
According to IMF forecasts for 2021, the United States will be ahead by $6,033 billion, or 1.36 times, in terms of exchange rates. On a purchasing power parity measure, China’s GDP is worth $3,982 billion dollars, or 1.18 times that of the United States. According to World Bank estimates, China’s GDP was approximately 11% of that of the United States in 1960, but is now 67 percent in 2019.
Due to China’s enormous population, which is more than four times that of the United States, the gap in per capita income between the two countries is enormous. In nominal and PPP terms, the United States’ per capita income is 5.78 and 3.61 times that of China, respectively. The United States is the world’s fifth richest country, while China is ranked 63rd. On a PPP basis, the United States ranks eighth, while China ranks 76th.
China’s GDP growth rate reaches a high of 19.30 percent in 1970 and a low of -27.27 percent in 1961. Between 1961 and 2019, China experienced a 22-year growth rate of greater than 10%. In 1984, the US hit an all-time high of 7.24 percent, while in 2009, it hit a new low of -2.54 percent. For the first time in eight years, the United States’ GDP growth rate was negative. In the last four years, China has experienced negative growth.
China is ahead of the United States in the agriculture and industry sectors, according to the World Factbook. Agriculture output in the United States is only 17.58 percent of China’s, whereas industry output is 77.58 percent. The US services industry is more than double that of China.
Is China’s economy the most powerful?
Smaller than the United States In the most basic scenario, China surpasses the United States in the early 2030s. Other Asian economies have growth ahead of them when they reached mainland China’s current level of development. As a result, China is still on track to replace the United States as the world’s largest economy.
What is India’s current GDP?
- As of 2017, India’s nominal (current) Gross Domestic Product (GDP) is $2,650,725,335,364 (USD).
- In 2017, India’s real GDP (constant, inflation-adjusted) was $2,660,371,703,953.
- In 2017, the GDP Growth Rate was 6.68 percent, a change of 177,938,082,996 US dollars from 2016, when Real GDP was $2,482,433,620,957.
- In 2017, India’s GDP per capita (with a population of 1,338,676,785 people) was $1,987, up $113 from 2016’s $1,874; this indicates a 6.0 percent increase in GDP per capita.
Which country is the most powerful in the world?
In the 2021 Best Countries Report, Canada wins the top overall rank as the world’s number one country for the first time. After coming in second place in the 2020 report, Canada has now eclipsed Switzerland in the 2021 report, with Japan, Germany, Switzerland, and Australia following closely behind.