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Consumption contributes over 50 percent GDP in 2014

(People's Daily Online)    11:09, June 05, 2015
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Final consumption expenditure contributed 50.2 percent to GDP in 2014, according to the statistics released by the State Statistics Bureau on June 3, 2015. Gross capital formation and the net export of goods and services contributed 48.5 percent and 1.3 percent to the GDP of 2014 respectively.

The statistics released by the State Statistics Bureau also show that in 2014, China's GDP measured by expenditure approach was 64.08 trillion yuan, of which final consumption was 32.83 trillion yuan, gross capital formation was 29.50 trillion yuan, and the net export of goods and services was 1.75 trillion yuan.

In economics, most things are produced for sale and then sold. Therefore, measuring the total expenditure of money used to buy things is a way of measuring production. This is known as the expenditure approach to calculating GDP. The expenditure approach GDP can reflect a country's general economic quantity and development level, therefore it plays an important role in making macro-economic policies.

The article is edited and translated from《2014年消费对GDP增长贡献率超五成》, source: People's Daily.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Kong Defang,Huang Jin)

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