GDP (QoY) (China)
Event Date: Thursday, July 15, 2021
Event Time: 02:00 CET
Updated Friday, July 9, 2021
The Chinese economy was growing by 6.8% and 6.9% throughout in 2017 and into the Q1 of 2018. But, growth started slowing in Q2 of last year coming at 6.7% and then in Q3, the GDP number for Q3 came at 6.5% , missing expectations of 6.6%. The tariffs that US President Donald Trump placed on $250 billion products of Chinese origin and the trade war have taken their toll on China and it seems like the economy is decelerating, as in most of the world. In Q4, economic growth fell to just 6.4% YoY but we saw a reverse a few months ago on Chinese manufacturing and services industries after the Chinese government introduced a stimulus plan to help. In Q1 of this 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 is expected at 8.0%, which is still great nonetheless. . 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.