Question

What is the current level of GDP ( Gross Domestic Product) for China?

Answer 1

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-

• Real Gross Domestic Product
• Normal Gross Domestic Product
• Net Gross Domestic Product

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.