China Financial Daily

2008 GDP Growth Rate of China: China’s 2008 GDP growth is revised to 9.6%
News on December 25, 2009– China has revised its gross domestic product (GDP) growth rate of 2008 from 9% to 9.6%, the National Bureau of Statistics (NBS) announced on Friday. That raised GDP of 2008 to 31.4045 trillion yuan from the previous figure of 30.067 trillion yuan, NBS director Ma Jiantang told in a press conference. The new figure was amounted to about 4.59 trillion U.S. dollars, at the exchange rate on Dec. 31 of 2008.

The revised volume for the agriculture sector was 3.3702 trillion yuan, accounting for 10.7 percent of GDP, down from 3.4 trillion yuan. Moreover, the figure for the industrial sector was put at 14.9003 trillion yuan, accounting for 47.5 percent of GDP, larger than the earlier figure of 14.6183 trillion yuan. Whereas the service sector figure was 13.1340 trillion yuan, accounting for 41.8 percent of GDP. It was up from 12.0487 trillion yuan.

The GDP growth for 2009 would be calculated based on the revised GDP volume but would have little impact on the GDP expansion estimates, Peng Zhilong, head of department of national accounts of the NBS, said. The revision came at a time when China’s economy is on the track to hit 8 percent growth in 2009, fueled by the government’s 4-trillion-yuan stimulus package unveiled November 2008 to help the economy weather the affects of the global economic downturn.

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