In: Economics
What is the current level of GDP ( Gross Domestic Product) for China?
Gross Domestic Product (GDP)
In a country, the production of goods and services produced in a certain period. Generally, the yearly growth of a country gets yearly measured on the basis of its GDP.
Three types of GDP-
GDP can be calculated by adding Consumption, Government spending, Investment, and Net Export.
As per the current year, China is the world's biggest economy with an estimated calculation of $14 trillion.
- As per the year 2018, China experienced around 6.5%.
- In 2019, China experienced 6%.
- Due to the COVID pandemic China is expected to touch the worst point in the last thirty years.
- The expected growth of GDP is around 2.4% that too in the second quarter of the current year.
- The worst effect of COVID faced by the export industry.
- As of 2019, the rank of China is second.
- Around 9.5% of global GDP did produce in China which makes it a second larger economy.