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China Raises 2018 Nominal GDP

China revised its nominal gross domestic product estimate for 2018 by 2.1 percent, on Friday.

According to the National Bureau of Statistics, GDP totaled CNY 91.93 trillion in 2018. However, the NBS said it will not have any significant impact on the 2019 growth rate.

The revised data showed that the service sector contributed more than previously estimated in 2018.

The government targets 6 to 6.5 percent growth for 2019.

Despite NBS stressing that the current round of revisions is the result of the census uncovering previously unrecorded activity, it is hard to ignore the fact that it will also help them meet official growth targets, Julian Evans-Pritchard and Martin Rasmussen, economists at Capital Economics, said.

China aimed to double its real GDP from 2010 levels by the year 2020.

"Our research suggests that political pressure to meet growth targets has encouraged the National Bureau of Statistics (NBS) to massage the GDP deflator in recent years," economists added.

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