In 2023, the agricultural sector had contributed around 7.1 percent to the gross domestic product (GDP) of China, whereas 38.3 percent of the economic value added had originated from the industry and 54.6 percent from the service sector, respectively. The total GDP of China at current prices amounted to approximately 126.06 trillion yuan in 2023.
Economic development in China
The gross domestic product (GDP) serves as a primary indicator to measure the economic performance of a country or a region. It is generally defined as the monetary value of all finished goods and services produced within a country in a specific period of time. It includes all of private and public spending, government spending, investments, and net exports which are calculated as total exports minus imports. In other words, GDP represents the size of the economy.
With its national economy growing at an exceptional annual growth rate of above nine percent for three decades in succession, China had become the worlds’ second largest economy by 2010, surpassing all other economies but the United States. Even though China's GDP growth has cooled down in recent years, its economy has still expanded at roughly two times the pace of the United States in 2023.
Breakdown of GDP in China
When compared to other developed countries, the proportions of agriculture and industry in China's GDP are significantly higher. Even though agriculture is a major industry in the United States, it had only accounted for about one percent of the economy in 2022. While the service sector contributed to more than 70 percent of the economy in most developed countries, it's share was considerably lower in China. This was not only due to China's lower development level, but also to the country’s focus on manufacturing and export. However, as the future limitations of this growth model become more and more apparent, China is trying to shift it's economic focus to the high-tech and service sectors. Accordingly, growth rates of the service sector have been considerably higher than in industry and agriculture in the years before the spread of the coronavirus pandemic.
Distribution of the gross domestic product (GDP) across economic sectors in China from 2013 to 2023
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National Bureau of Statistics of China. (February 29, 2024). Distribution of the gross domestic product (GDP) across economic sectors in China from 2013 to 2023 [Graph]. In Statista. Retrieved August 24, 2024, from https://www.statista.com/statistics/270325/distribution-of-gross-domestic-product-gdp-across-economic-sectors-in-china/
National Bureau of Statistics of China. "Distribution of the gross domestic product (GDP) across economic sectors in China from 2013 to 2023." Chart. February 29, 2024. Statista. Accessed August 24, 2024. https://www.statista.com/statistics/270325/distribution-of-gross-domestic-product-gdp-across-economic-sectors-in-china/
National Bureau of Statistics of China. (2024). Distribution of the gross domestic product (GDP) across economic sectors in China from 2013 to 2023. Statista. Statista Inc.. Accessed: August 24, 2024. https://www.statista.com/statistics/270325/distribution-of-gross-domestic-product-gdp-across-economic-sectors-in-china/
National Bureau of Statistics of China. "Distribution of The Gross Domestic Product (Gdp) across Economic Sectors in China from 2013 to 2023." Statista, Statista Inc., 29 Feb 2024, https://www.statista.com/statistics/270325/distribution-of-gross-domestic-product-gdp-across-economic-sectors-in-china/
National Bureau of Statistics of China, Distribution of the gross domestic product (GDP) across economic sectors in China from 2013 to 2023 Statista, https://www.statista.com/statistics/270325/distribution-of-gross-domestic-product-gdp-across-economic-sectors-in-china/ (last visited August 24, 2024)
Distribution of the gross domestic product (GDP) across economic sectors in China from 2013 to 2023 [Graph], National Bureau of Statistics of China, February 29, 2024. [Online]. Available: https://www.statista.com/statistics/270325/distribution-of-gross-domestic-product-gdp-across-economic-sectors-in-china/