BEIJING: China's National Bureau of Statistics yesterday (Wednesday) revealed that the nation's economic growth during 2007 was at an even higher rate than previously estimated, catapulting it into third place in the world economic rankings.
Measured by GDP in dollars, China displaced Germany to occupy the number three slot after Japan and the USA. According to the statistics bureau, its earlier estimate of 11.9% growth in '07 actually hit 13%, earning a total of Yuan 25.731 trillion ($3.76tr; €2.86tr; £2.60tr).
The Wall Street Journal estimates that the new total equates to $3.383 trillion at the average market-exchange rate for the yuan in 2007. On that basis, China leapfrogs Germany which posted GDP of $3.321 trillion that year.
Initial data for China's gross domestic product in 2008 is likely to be announced later this month and, in the light of 2007's upward revision, the moneymen now speculate that the 2008 data is likely to reflect a faster-than-expect deceleration in growth.
And in yet another example of the penetrating insights of the entrail-raking brigade, Royal Bank of Scotland economist Ben Simpfendorfer opined: "It makes this year's outlook even more challenging."
[On that insight alone, Ben will probably add another $100k to his annual bonus!]
Data sourced from Wall Street Journal Online; additional content by WARC staff