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Market Minute: Visualizing the second-largest economy in 2021
The infographic presents the sector-wise GDP breakdown of the Chinese economy, along with historical GDP growth
It is astonishing to see how some of the largest economies in the world have such an outsized impact on the global economy. The U.S., China, Japan, and Germany in fact, make up over half of the world’s economic output by gross domestic product (GDP) in nominal terms. Even more astonishing is the fact that the U.S’s (largest economy in the World) GDP alone is greater than the combined GDP of 170 countries.
For those of you, who are new to the concept, Gross Domestic Product (GDP) is considered a broad indicator of a country’s economic output — measuring the total market value of final goods and services produced in a country. According to the National Bureau of Statistics of China, the country’s GDP reached ¥114 trillion ($18 trillion) in 2021.
Despite facing economic headwinds due to the pursuance of the Zero Covid policy, and subsequent lockdowns and supply chain issues —the country was able to outperform government targets of 6% growth, with the overall economy growing by 8.1%. The infographic above breaks down how the GDP is generated in different…
