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GDP (QoY) (China)

Weak China Data
Event Date: Wednesday, October 18, 2023
Event Time: 02:00 CET

Economic Growth to Slow to 4.5%

Updated Monday, October 16, 2023
In Q1 of last year, the Chinese economy was expected to have increased by 6.3% on an annualized basis, which would mean a cool-off, but growth remained unchanged at 6.4%. But the global economy has slowed in Q2 as the trade war escalated again and the Chinese economy felt that as well, as growth slowed to 6.2%. In Q3 growth fell to 6.0% and it remained at the same levels in Q4 as well. In Q1, the economy contracted by 6.8% due to coronavirus, but expanded by 3.2% in Q2. In Q3, the economic growth returned to normal in China, showing a 4.9% expansion. In Q4 of 2020 the economy returned to normal pre-covid levels, growing by 6.5% but in Q1 of this year we saw a massive surge of than 18.3% which was due to the Chinese New Year, while Q2 came at 7.9%, which is still great nonetheless.  But in Q3 and Q4 the economy has slowed due to the next round of covid. In Q2 of 2022 we saw a slowdown to 0.4% in the GDP, while Q3 came at 3.9%. In Q4 the economy slowed down to 2.9% but it is expected to expand by 4.5% in Q3 of 2023. Please follow us for live coverage of this event by experienced market analysts. 

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About GDP (QoY) (China)
Gross Domestic Product (GDP) measures the total value of a country’s industrial output over a given period. It consists of the aggregate domestic production of goods and services by individuals, businesses, and government. GDP data is available in dollar or index form. Chinese GDP (QoY) is the comparison of growth from one fiscal quarter of the previous year to the same quarter of the current year, represented in a percentage format.GDP (MoM) is a leading indicator of economic health in China. High levels of GDP growth are viewed as being positive for Asian indices in general as well as the AUD. Low levels of growth are negative to most asset classes and are common to recessionary cycles. The People's Bank of China (PBOC) places a great deal of emphasis on quarterly and yearly GDP. Robust growth is often a prelude to monetary tightening, while stagnate levels provide an environment conducive to Quantitative Easing (QE).Traders monitor GDP releases closely. Abnormal reports may cause rapid buying or selling of the Asian indices or AUD. Currency, equities, and commodities markets all exhibit enhanced degrees of volatility surrounding the GDP release.
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