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 percentage of China’s GDP is 2020?
According to the IMF, China’s GDP (nominal) and GDP (PPP) per capita income ranked 59th and 73rd, respectively, in 2020. In 2020, China’s gross domestic product (GDP) was $15.66 trillion (101.6 trillion yuan).
What is China’s current GDP?
- 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.
In 2021, what would India’s GDP be?
In its second advance estimates of national accounts released on Monday, the National Statistical Office (NSO) forecasted the country’s growth for 2021-22 at 8.9%, slightly lower than the 9.2% estimated in its first advance estimates released in January.
Furthermore, the National Statistics Office (NSO) reduced its estimates of GDP contraction for the coronavirus pandemic-affected last fiscal year (2020-21) to 6.6 percent. The previous projection was for a 7.3% decrease.
In April-June 2020, the Indian economy contracted 23.8 percent, and in July-September 2020, it contracted 6.6 percent.
“While an adverse base was expected to flatten growth in Q3 FY2022, the NSO’s initial estimates are far below our expectations (6.2 percent for GDP), with a marginal increase in manufacturing and a contraction in construction that is surprising given the heavy rains in the southern states,” said Aditi Nayar, Chief Economist at ICRA.
“GDP at constant (2011-12) prices is estimated at Rs 38.22 trillion in Q3 of 2021-22, up from Rs 36.26 trillion in Q3 of 2020-21, indicating an increase of 5.4 percent,” according to an official release.
According to the announcement, real GDP (GDP) or Gross Domestic Product (GDP) at constant (2011-12) prices is expected to reach Rs 147.72 trillion in 2021-22, up from Rs 135.58 trillion in the first updated estimate announced on January 31, 2022.
GDP growth is expected to be 8.9% in 2021-22, compared to a decline of 6.6 percent in 2020-21.
In terms of value, GDP in October-December 2021-22 was Rs 38,22,159 crore, up from Rs 36,22,220 crore in the same period of 2020-21.
According to NSO data, the manufacturing sector’s Gross Value Added (GVA) growth remained nearly flat at 0.2 percent in the third quarter of 2021-22, compared to 8.4 percent a year ago.
GVA growth in the farm sector was weak in the third quarter, at 2.6 percent, compared to 4.1 percent a year before.
GVA in the construction sector decreased by 2.8%, compared to 6.6% rise a year ago.
The electricity, gas, water supply, and other utility services segment grew by 3.7 percent in the third quarter of current fiscal year, compared to 1.5 percent growth the previous year.
Similarly, trade, hotel, transportation, communication, and broadcasting services grew by 6.1 percent, compared to a contraction of 10.1 percent a year ago.
In Q3 FY22, financial, real estate, and professional services growth was 4.6 percent, compared to 10.3 percent in Q3 FY21.
During the quarter under examination, public administration, defense, and other services expanded by 16.8%, compared to a decrease of 2.9 percent a year earlier.
Meanwhile, China’s economy grew by 4% between October and December of 2021.
“India’s GDP growth for Q3FY22 was a touch lower than our forecast of 5.7 percent, as the manufacturing sector grew slowly and the construction industry experienced unanticipated de-growth.” We have, however, decisively emerged from the pandemic recession, with all sectors of the economy showing signs of recovery.
“Going ahead, unlock trade will help growth in Q4FY22, as most governments have eliminated pandemic-related limitations, but weak rural demand and geopolitical shock from the Russia-Ukraine conflict may impair global growth and supply chains.” The impending pass-through of higher oil and gas costs could affect domestic demand mood, according to Elara Capital economist Garima Kapoor.
“Strong growth in the services sector and a pick-up in private final consumption expenditure drove India’s real GDP growth to 5.4 percent in Q3.” While agriculture’s growth slowed in Q3, the construction sector’s growth became negative.
“On the plus side, actual expenditure levels in both the private and public sectors are greater than they were before the pandemic.
“Given the encouraging trends in government revenues and spending until January 2022, as well as the upward revision in the nominal GDP growth rate for FY22, the fiscal deficit to GDP ratio for FY22 may come out better than what the (federal) budget projected,” said Rupa Rege Nitsure, group chief economist, L&T Financial Holdings.
“The growth number is pretty disappointing,” Sujan Hajra, chief economist of Mumbai-based Anand Rathi Securities, said, citing weaker rural consumer demand and investments as reasons.
After crude prices soared beyond $100 a barrel, India, which imports virtually all of its oil, might face a wider trade imbalance, a weaker rupee, and greater inflation, with a knock to GDP considered as the main concern.
“We believe the fiscal and monetary policy accommodation will remain, given the geopolitical volatility and crude oil prices,” Hajra added.
According to Nomura, a 10% increase in oil prices would shave 0.2 percentage points off India’s GDP growth while adding 0.3 to 0.4 percentage points to retail inflation.
Widening sanctions against Russia are likely to have a ripple impact on India, according to Sakshi Gupta, senior economist at HDFC Bank.
“We see a 20-30 basis point downside risk to our base predictions,” she said. For the time being, HDFC expects the GDP to rise 8.2% in the coming fiscal year.
What kind of economy does India have?
The government concentrated on growing its heavy industry sector, but this strategy proved to be unsustainable. India began to remove its economic constraints in 1991, and the country’s private sector grew as a result of the increasing liberalization. India is now classified as a mixed economy, with both the private and public sectors coexisting, and the country relying heavily on international trade.
Was India the wealthiest nation?
NEW DELHI: India’s pre-colonial economy was a “golden age of affluence” during the Mughal era, accounting for over 27% of global GDP, according to former union minister Shashi Tharoor, who was in Australia for the Melbourne Writers Festivals 2017.
On September 4, 2017, a Congress MP appeared on ABC’s #QandA (Question and Answer) program and detailed how the British methodically destroyed India’s textiles, which were dominated by Muslims.
“The British arrived in one of the world’s wealthiest countries when GDP was nearly 27 percent in the 17th century and 23 percent in the 18th. In response to a question on British rule in India, he replied, “Over 200 years of exploitation, plunder, and destruction reduced India to a poster child for third-world poverty.”
“However, 90 percent of the people was living in poverty when they left India in 1947.” “From 1900 to 1947, the literacy rate was below 17 percent, and the growth rate was a pitiful 0.001 percent,” he stated.
“The truth is that the British came in and destroyed the free commerce that had become India the world’s biggest exporter of textiles under the name of free trade.”
“The British soldiers damaged looms, preventing individuals from doing their trade.” They levied severe levies and taxes on Indian textile exports while lowering charges on British fabric imports,” he added.
“Cities such as Dhaka and Murshidabad became deserted.” Weavers’ thumbs were chopped off in one memorable occurrence, preventing them from operating looms.
“The British systematically decimated India’s textile sector,” he added.
Prior to British domination, India’s trade was thriving, and it had grown to become the world’s greatest economy by 1700, accounting for over 27% of global GDP.
Tharoor isn’t the first person to admire Muslim kings. Tharoor previously stated in August 2017 at the Mountain Echoes Literary Festival in Bhutan’s capital Thimpu that Muslim monarchs are not aliens.
“I’m referring to the British, who came and governed us for the advantage of a distant country.” Muslim monarchs who came to India to rule but stayed, assimilated, and intermarried are also deemed aliens by the Prime Minister. They are not, in my opinion, outsiders. They spent their loot here if they stole and looted. In an NDTV story, Tharoor is cited as saying, “They did not ship it back to another country like the British did.”
“They are not strangers to me.” They spent their loot here if they stole and looted. They did not, like the British, ship it back to another country,” Tharoor added, referring to Prime Minister Narendra Modi’s frequent allegation of “1,200 years of foreign rule.”
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.
What is the complete form of GDP?
The total monetary or market worth of all finished goods and services produced inside a country’s borders in a certain time period is known as GDP. It serves as a comprehensive scorecard of a country’s economic health because it is a wide measure of entire domestic production.
In India, how is GDP calculated?
- The GDP of India is estimated using two methods: one based on economic activity (at factor cost) and the other based on expenditure (at market prices).
- The performance of eight distinct industries is evaluated using the factor cost technique.
- The expenditure-based method shows how different aspects of the economy, such as trade, investments, and personal consumption, are performing.
