China

Macroeconomic Chartbook

• Real GDP rose at a revised annual rate of 2.2% in the fourth quarter, down from
5.0% in the third quarter and below the “advance” estimate of 2.6% initially reported
for the final period
• The 0.4 percentage-point difference between the two figures reflected a downward
revision to private inventory investments and an upward revision to imports that
were partially offset by upward revisions to nonresidential fixed investment and to
state and local government spending
• Full-year real GDP growth was 2.4%, up from 2.2% in 2013, reflecting higher
consumer spending, nonresidential fixed investments, exports and state and local
government spending, offset by lower federal spending