China's Total Economic Volume Breaks 90 trillion Yuan for the First Time GDP Growth of 6.6 in 2018

Release time:

2019-01-22

According to data released by the National Bureau of Statistics on the 21st, my country's gross domestic product (GDP) in 2018 was 90030.9 billion yuan, breaking the 90 trillion yuan mark for the first time. At comparable prices, GDP grew by 6.6 percent over the previous year, achieving the expected development target of about 6.5 percent. On a quarterly basis, it grew 6.8 percent in the first quarter, 6.7 percent in the second quarter, 6.5 percent in the third quarter and 6.4 percent in the fourth quarter.

"In 2018, the main expected goals of economic and social development were well completed, the three major battles started well, the supply-side structural reforms were deepened, reform and opening up were intensified, and people's lives continued to improve." Ning Jizhe, director of the National Bureau of Statistics, said at the press conference of the State Information Office held on the same day.

From the perspective of demand, the national fixed asset investment for the whole year increased by 5.9 over the previous year, and the growth rate was 0.5 percentage points faster than the previous three quarters. The total retail sales of consumer goods for the whole year increased by 9.0 over the previous year, maintaining a relatively rapid growth. The total import and export volume of goods increased by 9.7 over the previous year, and the total trade volume exceeded 30 trillion yuan for the first time, a record high.

In terms of production, grain production remained high throughout the year, and animal husbandry was generally stable. For the whole year, the added value of industries above the national scale increased by 6.2 in real terms over the previous year, and the growth rate slowed down and stabilized. For the whole year, the national service industry production index increased by 7.7 percent over the previous year, maintaining a relatively rapid growth.

At the same time, the key tasks of "three go, one drop and one supplement" have been steadily promoted, the economic structure has continued to be optimized, and the contribution rate of final consumption expenditure to GDP growth has been 76.2 per cent.

The data also show that in 2018, the per capita disposable income of residents nationwide was 28228 yuan, a nominal increase of 8.7 percent over the previous year, and the real growth rate after deducting price factors was 6.5 percent, which was faster than the growth rate of per capita GDP and basically kept pace with economic growth. For the whole year, the per capita consumption expenditure of residents nationwide was 19853 billion yuan, a nominal increase of 8.4 percent over the previous year, and the growth rate was 1.3 percentage points faster than that of the previous year; after deducting the price factor, the real growth rate was 6.2 percent, 0.8 percentage points faster than that of the previous year.

"Overall, the national economy continued to operate in a reasonable range in 2018, achieving overall stability and steady progress. At the same time, it should also be noted that the economic operation is stable and changing, the external environment is complex and severe, the economy is facing downward pressure, and the problems in the progress must be addressed in a targeted manner." Ning Jizhe said.

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