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SNA 2008 will increase China's 2008 nominal GDP by 13.2% to 16.3%

Discussion in 'China & Asia Pacific' started by Martian, Sep 9, 2015.

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  1. Martian

    Martian Captain SENIOR MEMBER

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    China's 2014 nominal GDP was $10.4 trillion. Once China moves from the old SNA 1993 to the SNA 2008 accounting standard, the Rhodium Group estimates China's nominal GDP will increase by 13.2% to 16.3%. This would mean an increase of $1.3 to $1.6 trillion in China's nominal GDP.

    SNA 2008 should increase China's 2008 nominal GDP by 13.2% to 16.3%

    There are two revisions.

    The first one is minor, which added $308 billion (3.4% of GDP). The upward revision was due to a 2013 national economic census, which provided better data.

    A Better Abacus for China | Rhodium Group

    [​IMG]
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    We are waiting for the big one; the SNA (System of National Accounts) 2008 accounting standard with 17 chapters.

    China is currently using the old 1993 SNA accounting standard to determine its nominal GDP.

    The citation below estimates the upcoming SNA 2008 accounting standard update should add 13.2% to 16.3% onto China's 2008 GDP. The range of estimate is due to uncertainty over the size of China's R&D budget.

    A Better Abacus for China | Rhodium Group

    [​IMG]
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    Additional References.

    China's revised nominal GDP for 2015 should be about $13.3 trillion

    China is updating its GDP methodology to a more recent version. It affects the way services is counted and other issues. The net effect is a Chinese nominal GDP of around $13.3 trillion for 2015. The revision is supposed to happen sometime this year.

    Reference: Next Big Future: China will pass Europe in nominal GDP this year
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    China is moving to the SNA (ie. System of National Accounts) 2008 international accounting standard.

    Reference: China Economic Watch | China’s New GDP Measurement: Impact on Growth, Income, and Productivity
     
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