China adjusts GDP to include new economy

In July 2017, China’s statistics bureau has revised the way it calculates the country’s gross domestic product by including contributions from healthcare, tourism and “new economy”.

This move increased the total of 2015 GDP by 1.3 percent to 68.55 trillion yuan ($10.3 trillion), but that year’s growth rate was only marginally amended and basically remained 6.9 percent.

The calculation of China’s GDP for the first half of 2017 has not been affected, and stood at about 38.2 trillion yuan ($5.6 trillion), up 6.9 percent year-on-year.

Global Credit rating agency Fitch said in its most recent Global Economic Outlook (GEO) that it expects the global growth to reach 2.9% in 2017 and 3.1% in 2018.

Among the emerging markets, Fitch expects India’s growth in the range of 7.4-7.6% in the next two fiscal years as Goods and Service Tax (GST) implementation helps the country further its growth goals.