Switzerland Economy

Sometimes I like to dream of Switzerland as being a little island of exceptionalism in the world, but alas, the morning alarm bell is unforgiving. Despite prospects of a gold currency or taking a leadership position in criticizing ridiculous US tax policies, we must remember that Swiss fiscal and financial culture is anything but “neutral” or independent, as their international politics are known to be. In fact, the educational qualifications of the Swiss financial and government elite, as well as their close relations with international counterparts, just about guarantees a similar tainting of economic thinking with Keynesianism.

                                 Switzerland's economy over all going very good. From starting its GDP is going not well but now a days it is going very well. About 2009 it is going to downward. Q! and Q3 shows the negative slope of real GDP. But in 2010 and 2011 real GDP going upward 10Q1,10Q3 and 11Q1,11Q3 show the positive slope.

New Zealand GDP Growth Rate

The Gross Domestic Product (GDP) in New Zealand expanded 0.80 percent in the third quarter of 2011 over the previous quarter. Historically, from 1987 until 2011, New Zealand's average quarterly GDP Growth was 0.56 percent reaching an historical high of 2.70 percent in September of 1999 and a record low of -2.60 percent in March of 1991. Over the past 20 years the government has transformed New Zealand from an agrarian economy dependent on concessionary British market access to a more industrialized, free market economy that can compete globally. This dynamic growth has boosted real incomes - but left behind some at the bottom of the ladder - and broadened and deepened the technological capabilities of the industrial sector. This page includes: New Zealand GDP Growth Rate chart, historical data, forecasts and news. Data is also available for New Zealand GDP Annual Growth Rate, which measures growth over a full economic year.

New Zealand GDP Up 0.8% in Q3
New Zealand Gross domestic product was up 0.8 percent in the September 2011 quarter, following a 0.1 percent increase in the June 2011 quarter. The increase in the latest quarter is the fourth consecutive quarter of growth following a decline of 0.1 percent in the September 2010 quarter.

In the September 2011 quarter, the increase in economic activity was due to rises of 0.5 percent in the services industries, 0.8 percent in the goods-producing industries, and 0.5 percent in the primary industries.

The main movements by industry this quarter were: manufacturing (up 2.3 percent) – food, beverage, and tobacco manufacturing was the largest contributor; retail, accommodation, and restaurants (up 2.5 percent) – the largest quarterly increase since the March 2007 quarter; finance, insurance, and business services (up 0.6 percent) – the fourth consecutive quarter of growth; construction (down 2.2 percent) – now at its lowest quarterly level since the June 2002 quarter.

The expenditure measure of GDP rose 1.0 percent in the September 2011 quarter. The expenditure and production measures of GDP are conceptually the same. The production measure of GDP measures the volume of goods and services produced in the economy, while the expenditure measure shows how those goods and services were used.

Economic activity for the year ended September 2011 was up 1.3 percent when compared with the year ended September 2010. Expenditure on GDP for the year ended September 2011 was up 1.4 percent when compared with the previous year.

GDP Growth Definition

Economic growth is the increase in value of the goods and services produced by an economy. It is conventionally measured as the percent rate of increase in real gross domestic product, or GDP. Growth is usually calculated in real terms, i.e. inflation-adjusted terms, in order to net out the effect of inflation on the price of the goods and services produced. In economics, "economic growth" or "economic growth theory" typically refers to growth of potential output, i.e., production at "full employment," which is caused by growth in aggregate demand or observed output.As economic growth is measured as the annual percent change of National Income it has all the advantages and drawbacks of that level variable. But people tend to attach a particular value to the annual percentage change, perhaps since it tells them what happens to their pay check.

The real GDP per capita of an economy is often used as an indicator of the average standard of living of individuals in that country, and economic growth is therefore often seen as indicating an increase in the average standard of living.However, there are some problems in using growth in GDP per capita to measure general well being.GDP per capita does not provide any information relevant to the distribution of income in a country. GDP per capita does not take into account negative externalities from pollution consequent to economic growth. Thus, the amount of growth may be overstated once we take pollution into account. GDP per capita does not take into account positive externalities that may result from services such as education and health. GDP per capita excludes the value of all the activities that take place outside of the market place (such as cost-free leisure activities like hiking).

Economists are well aware of these deficiencies in GDP, thus, it should always be viewed merely as an indicator and not an absolute scale. Economists have developed mathematical tools to measure inequality, such as the Gini Coefficient. There are also alternate ways of measurement that consider the negative externalities that may result from pollution and resource depletion (see Green Gross Domestic Product.)The flaws of GDP may be important when studying public policy, however, for the purposes of economic growth in the long run it tends to be a very good indicator. There is no other indicator in economics which is as universal or as widely accepted as the GDP.Economic growth is exponential, where the exponent is determined by the PPP annual GDP growth rate. Thus, the differences in the annual growth from country A to country B will multiply up over the years. For example, a growth rate of 5% seems similar to 3%, but over two decades, the first economy would have grown by 165%, the second only by 80%      

Chile's Economy Profile

Chile has a market-oriented economy characterized by a high level of foreign trade and a reputation for strong financial institutions and sound policy that have given it the strongest sovereign bond rating in South America. Exports account for more than one-fourth of GDP, with commodities making up some three-quarters of total exports. Copper alone provides one-third of government revenue. During the early 1990s, Chile's reputation as a role model for economic reform was strengthened when the democratic government of Patricio AYLWIN - which took over from the military in 1990 - deepened the economic reform initiated by the military government. Growth in real GDP averaged 8% during 1991-97, but fell to half that level in 1998 because of tight monetary policies implemented to keep the current account deficit in check and because of lower export earnings - the latter a product of the global financial crisis. A severe drought exacerbated the situation in 1999, reducing crop yields and causing hydroelectric shortfalls and electricity rationing, and Chile experienced negative economic growth for the first time in more than 15 years. In the years since then, growth has averaged 4% per year. Chile deepened its longstanding commitment to trade liberalization with the signing of a free trade agreement with the US, which took effect on 1 January 2004. Chile claims to have more bilateral or regional trade agreements than any other country. It has 57 such agreements (not all of them full free trade agreements), including with the European Union, Mercuric, China, India, South Korea, and Mexico. Over the past seven years, foreign direct investment inflows have quadrupled to some $15 billion in 2010, but FDI had dropped to about $7 billion in 2009 in the face of diminished investment throughout the world. The Chilean government conducts a rule-based counter cyclical fiscal policy, accumulating surpluses in sovereign wealth funds during periods of high copper prices and economic growth, and allowing deficit spending only during periods of low copper prices and growth. As of September 2008, those sovereign wealth funds - kept mostly outside the country and separate from Central Bank reserves - amounted to more than $20 billion. Chile used $4 billion from this fund to finance a fiscal stimulus package to fend off recession. In December 2009, the OECD invited Chile to become a full member, after a two year period of compliance with organization mandates. The economy started to show signs of a rebound in the fourth quarter, 2009, and GDP grew more than 5% in 2010. The magnitude 8.8 earthquake that struck Chile in February 2010 was one of the top ten strongest earthquakes on record. It caused considerable damage near the epicenter, located about 70 miles from Concepcion - and about 200 miles southwest of Santiago.

GDP (purchasing power parity):

$260 billion (2010 est.)

country comparison to the world: 46

$246.9 billion (2009 est.)

$250.6 billion (2008 est.)

note: data are in 2010 US dollars

[see also: GDP (purchasing power parity) country ranks ]GDP (official exchange rate):

$199.2 billion (2009 est.)

[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:

5.3% (2010 est.)

country comparison to the world: 47

-1.5% (2009 est.)

3.7% (2008 est.)

[see also: GDP - real growth rate country ranks ]GDP - per capita:

$15,500 (2010 est.)

country comparison to the world: 73

$14,900 (2009 est.)

$15,200 (2008 est.)

note: data are in 2010 US dollars

[see also: GDP - per capita country ranks ]GDP - composition by sector:

agriculture: 5.6%

[see also: GDP - composition by sector - agriculture country ranks ]

industry: 40.5%

[see also: GDP - composition by sector - industry country ranks ]

services: 53.9% (2008 est.)

[see also: GDP - composition by sector - services country ranks ]

Labor force:

7.58 million (2009 est.)

country comparison to the world: 61

[see also: Labor force country ranks ]

Labor force - by occupation:

agriculture: 13.2%

[see also: Labor force - by occupation - agriculture country ranks ]

industry: 23%

[see also: Labor force - by occupation - industry country ranks ]

services: 63.9% (2005)

[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:

8.7% (2010 est.)

country comparison to the world: 100

9.6% (2009 est.)

[see also: Unemployment rate country ranks ]Population below poverty line:

18.2% (2005)

[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:

lowest 10%: 1.6%

[see also: Household income or consumption by percentage share - lowest 10% country ranks ]

highest 10%: 41.7% (2006)

[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:

54.9 (2003)

country comparison to the world: 14

57.1 (2000)

[see also: Distribution of family income - Gini index country ranks ]Investment (gross fixed):

23.5% of GDP (2009 est.)

country comparison to the world: 52

[see also: Investment (gross fixed) country ranks ]

Budget:

revenues: $40.97 billion

[see also: Budget - revenues country ranks ]

expenditures: $45.07 billion (2009 est.)

[see also: Budget - expenditures country ranks ]

Public debt:

6.2% of GDP (2010 est.)

country comparison to the world: 126

6.1% of GDP (2009 est.)

[see also: Public debt country ranks ]Inflation rate (consumer prices):

1.7% (2010 est.)

country comparison to the world: 45

1.5% (2009 est.)

[see also: Inflation rate (consumer prices) country ranks ]Central bank discount rate:

0.5% (31 December 2009)

country comparison to the world: 52

8.25% (31 December 2008)

[see also: Central bank discount rate country ranks ]Commercial bank prime lending rate:

7.25% (31 December 2009 est.)

country comparison to the world: 60

13.26% (31 December 2008 est.)

[see also: Commercial bank prime lending rate country ranks ]Stock of narrow money:

$29.81 billion (31 December 2010 est)

$23.68 billion (31 December 2009 est)

[see also: Stock of narrow money country ranks ]Stock of broad money:

$160.3 billion (31 December 2009)

$127.5 billion (31 December 2008)

[see also: Stock of broad money country ranks ]Stock of domestic credit:

$153.6 billion (31 December 2010 est.)

country comparison to the world: 41

$133.7 billion (31 December 2009 est.)

[see also: Stock of domestic credit country ranks ]Market value of publicly traded shares:

$209.5 billion (31 December 2009)

country comparison to the world: 30

$132.4 billion (31 December 2008)

$212.9 billion (31 December 2007)

[see also: Market value of publicly traded shares country ranks ]Agriculture - products:

grapes, apples, pears, onions, wheat, corn, oats, peaches, garlic, asparagus, beans; beef, poultry, wool; fish; timber

Industries:

copper, other minerals, foodstuffs, fish processing, iron and steel, wood and wood products, transport equipment, cement, textiles

Industrial production growth rate:

3.2% (2009 est.)

country comparison to the world: 97

[see also: Industrial production growth rate country ranks ]

Electricity - production:

60.6 billion kWh (2007 est.)

country comparison to the world: 41

[see also: Electricity - production country ranks ]

Electricity - consumption:

57.29 billion kWh (2007 est.)

country comparison to the world: 43

[see also: Electricity - consumption country ranks ]

Electricity - exports:

0 kWh (2008 est.)

[see also: Electricity - exports country ranks ]

Electricity - imports:

1.628 billion kWh (2007 est.)

[see also: Electricity - imports country ranks ]

Oil - production:

10,850 bbl/day (2009 est.)

country comparison to the world: 84

[see also: Oil - production country ranks ]

Oil - consumption:

277,000 bbl/day (2009 est.)

country comparison to the world: 47

[see also: Oil - consumption country ranks ]

Oil - exports:

49,250 bbl/day (2007 est.)

country comparison to the world: 80

[see also: Oil - exports country ranks ]

Oil - imports:

311,200 bbl/day (2007 est.)

country comparison to the world: 36

[see also: Oil - imports country ranks ]

Oil - proved reserves:

150 million bbl (1 January 2010 est.)

country comparison to the world: 63

[see also: Oil - proved reserves country ranks ]

Natural gas - production:

1.65 billion cu m (2008 est.)

country comparison to the world: 60

[see also: Natural gas - production country ranks ]

Natural gas - consumption:

2.34 billion cu m (2008 est.)

country comparison to the world: 79

[see also: Natural gas - consumption country ranks ]

Natural gas - exports:

0 cu m (2008 est.)

country comparison to the world: 189

[see also: Natural gas - exports country ranks ]

Natural gas - imports:

690 million cu m (2008 est.)

country comparison to the world: 58

[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:

97.97 billion cu m (1 January 2010 est.)

country comparison to the world: 53

[see also: Natural gas - proved reserves country ranks ]

Current account balance:

$1.033 billion (2010 est.)

country comparison to the world: 45

$4.217 billion (2009 est.)

[see also: Current account balance country ranks ]Exports:

$64.28 billion (2010 est.)

country comparison to the world: 45

$53.74 billion (2009 est.)

[see also: Exports country ranks ]Exports - commodities:

copper, fruit, fish products, paper and pulp, chemicals, wine

Exports - partners:

China 16.46%, US 11.31%, Japan 9.06%, South Korea 6.49%, Brazil 4.64%, Mexico 4.09% (2009)

Imports:

$54.23 billion (2010 est.)

country comparison to the world: 46

$39.75 billion (2009 est.)

[see also: Imports country ranks ]Imports - commodities:

petroleum and petroleum products, chemicals, electrical and telecommunications equipment, industrial machinery, vehicles, natural gas

Imports - partners:

US 21.77%, China 12.76%, Argentina 9.55%, Brazil 6.46%, South Korea 5.35% (2009)

Reserves of foreign exchange and gold:

$26.08 billion (31 December 2010 est.)

country comparison to the world: 37

$25.29 billion (31 December 2009 est.)

[see also: Reserves of foreign exchange and gold country ranks ]Debt - external:

$84.51 billion (31 December 2010 est.)

country comparison to the world: 40

$72.76 billion (31 December 2009 est.)

[see also: Debt - external country ranks ]Stock of direct foreign investment - at home:

$136.3 billion (31 December 2010 est.)

country comparison to the world: 26

$121.6 billion (31 December 2009 est.)

[see also: Stock of direct foreign investment - at home country ranks ]Stock of direct foreign investment - abroad:

$51.15 billion (31 December 2010 est.)

country comparison to the world: 33

$41.2 billion (31 December 2009 est.)

[see also: Stock of direct foreign investment - abroad country ranks ]Exchange rates:

Chilean pesos (CLP) per US dollar - 525.34 (2010), 560.86 (2009), 509.02 (2008), 526.25 (2007), 530.29 (2006)

Economy of Italy 2011

Economy - overview

Italy has a diversified industrial economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, welfare-dependent, agricultural south, with high unemployment. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 15% of GDP. These activities are most common within the agriculture, construction, and service sectors. Italy has moved slowly on implementing needed structural reforms, such as reducing graft, overhauling costly entitlement programs, and increasing employment opportunities for young workers, particularly women. The international financial crisis worsened conditions in Italy's labor market, with unemployment rising from 6.2% in 2007 to 8.4% in 2010, but in the longer-term Italy's low fertility rate and quota-driven immigration policies will increasingly strain its economy. A rise in exports and investment driven by the global economic recovery nevertheless helped the economy grow by about 1% in 2010 following a 5% contraction in 2009. The Italian government has struggled to limit government spending, but Italy's exceedingly high public debt remains above 115% of GDP, and its fiscal deficit - just 1.5% of GDP in 2007 - exceeded 5% in 2009 and 4% in 2010, as the costs of servicing the country's debt rose.

GDP (purchasing power parity)

$1.774 trillion (2010 est.)
$1.751 trillion (2009 est.)
$1.847 trillion (2008 est.)
note: data are in 2010 US dollars

GDP (official exchange rate)

$2.055 trillion (2010 est.)

GDP - real growth rate

1.3% (2010 est.)
-5.2% (2009 est.)
-1.3% (2008 est.)

GDP - per capita (PPP)

$30,500 (2010 est.)
$30,100 (2009 est.)
$31,800 (2008 est.)
note: data are in 2010 US dollars

GDP - composition by sector

agriculture: 1.9%
industry: 25.3%
services: 72.8% (2010 est.)

Population below poverty line

NA%

Labor force

24.98 million (2010 est.)

Labor force - by occupation

agriculture: 4.2%
industry: 30.7%
services: 65.1% (2005)

Unemployment rate

8.4% (2010 est.)
7.8% (2009 est.)

Household income or consumption by percentage share

lowest 10%: 2.3%
highest 10%: 26.8% (2000)

Distribution of family income - Gini index

32 (2006)
27.3 (1995)

Investment (gross fixed)

19.4% of GDP (2010 est.)

Budget

revenues: $957.6 billion
expenditures: $1.052 trillion (2010 est.)

Taxes and other revenues

46.6% of GDP (2010 est.)

Budget surplus (+) or deficit (-)

-4.6% of GDP (2010 est.)

Public debt

119.1% of GDP (2010 est.)
115.9% of GDP (2009 est.)

Inflation rate (consumer prices)

1.6% (2010 est.)
0.8% (2009 est.)

Central bank discount rate

1.75% (31 December 2010)
1.75% (31 December 2009)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area

Commercial bank prime lending rate

4.025% (31 December 2010 est.)
4.757% (31 December 2009 est.)

Stock of narrow money

$1.223 trillion (31 December 2010 est.)
$1.303 trillion (31 December 2009 est.)
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 17 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders

Stock of broad money

$2.105 trillion (31 December 2010 est.)
$1.899 trillion (31 December 2009 est.)

Stock of domestic credit

$3.274 trillion (31 December 2009 est.)
$3.047 trillion (31 December 2008 est.)

Market value of publicly traded shares

$317.3 billion (31 December 2009)
$520.9 billion (31 December 2008)
$1.073 trillion (31 December 2007)

Agriculture - products

fruits, vegetables, grapes, potatoes, sugar beets, soybeans, grain, olives; beef, dairy products; fish

Industries

tourism, machinery, iron and steel, chemicals, food processing, textiles, motor vehicles, clothing, footwear, ceramics

Industrial production growth rate

6.5% (2010 est.)

Electricity - production

289.7 billion kWh (2007 est.)

Electricity - production by source

fossil fuel: 78.6%
hydro: 18.4%
nuclear: 0%
other: 3% (2001)

Electricity - consumption

315 billion kWh (2007 est.)

Electricity - exports

3.431 billion kWh (2008 est.)

Electricity - imports

43 billion kWh (2008 est.)

Oil - production

146,500 bbl/day (2009 est.)

Oil - consumption

1.537 million bbl/day (2009 est.)

Oil - exports

586,900 bbl/day (2008 est.)

Oil - imports

1.911 million bbl/day (2008 est.)

Oil - proved reserves

423.7 million bbl (1 January 2010 est.)

Natural gas - production

8.119 billion cu m (2009 est.)

Natural gas - consumption

78.12 billion cu m (2009 est.)

Natural gas - exports

124 million cu m (2009 est.)

Natural gas - imports

69.24 billion cu m (2009 est.)

Natural gas - proved reserves

69.83 billion cu m (1 January 2010 est.)

Current Account Balance

-$67.94 billion (2010 est.)
-$42.96 billion (2009 est.)

Exports

$448.4 billion (2010 est.)
$407.5 billion (2009 est.)

Exports - commodities

engineering products, textiles and clothing, production machinery, motor vehicles, transport equipment, chemicals; food, beverages and tobacco; minerals, and nonferrous metals

Exports - partners

Germany 12.6%, France 11.6%, US 5.9%, Spain 5.7%, UK 5.1%, Switzerland 4.7% (2009)

Imports

$473.1 billion (2010 est.)
$406 billion (2009 est.)

Imports - commodities

engineering products, chemicals, transport equipment, energy products, minerals and nonferrous metals, textiles and clothing; food, beverages, and tobacco

Imports - partners

Germany 16.7%, France 8.9%, China 6.5%, Netherlands 5.7%, Spain 4.4%, Russia 4.1%, Belgium 4% (2009)

Reserves of foreign exchange and gold

$158.9 billion (31 December 2010 est.)
$132.8 billion (31 December 2009 est.)

Debt - external

$2.223 trillion (30 June 2010 est.)
$2.328 trillion (31 December 2008)

Stock of direct foreign investment - at home

$403 billion (31 December 2010 est.)
$394 billion (31 December 2009 est.)

Stock of direct foreign investment - abroad

$601.4 billion (31 December 2010 est.)
$578.1 billion (31 December 2009 est.)

Exchange rates

euros (EUR) per US dollar -
0.7715 (2010)
0.7179 (2009)
0.6827 (2008)
0.7345 (2007)
0.7964 (2006)

Economy of UK

The UK economy is emerging slowly from recession, but growth is moderate and unemployment is high. In addition, the UK is facing inflation above the government’s target of 2%. Also, the government have taken several steps to reduce the burden of government borrowing; these spending cuts and tax rises are likely to keep the economic recovery at a modest pace.

Economic Growth

Source: ONS

GDP (QoQ)				10Q3	0.8 %
Service sector output				3m to Sep	2.1 %
Industrial production				3m to Oct	3.8 %
Manufacturing output				3m to Oct	5.6%
Households’ consumption				10Q3	1.7%
Retail sales volumes				Oct	-0.1%
Whole economy investment				10Q3	2.8%
Goods exports (volumes)				3m to Oct	12.0
Goods imports (volumes)				3m to Oct	11.6
Current account balance, £bn				10Q2	-7.4
Business Investment (Provisional)				10Q2	1.9%

Unemployment

Source: ONS

Labour market & earnings
Unemployment, mn				3m to Oct	2.50
Unemployment rate, %				3m to Oct	7.9
Claimant unemployment, mn				Nov	1.47
Claimant rate, %				Nov	4.5
LFS total in employment, mn				3m to Oct	29.1
LFS employment rate, %				3m to Oct	70.6
Workforce jobs, mn				Sep	30.7
Headline average earnings %4				3m to Oct	2.3

.

Inflation

Source: ONS

Inflation & prices
CPI				Nov	3.3
RPI				Nov	4.7
RPIX				Nov	4.7
Producer output prices (nsa)				Nov	3.9
Producer input prices (nsa)				Nov	9.0
Halifax house prices				Nov	-0.7
Nationwide house prices				Nov	0.4

Government Borrowing

• More on UK Public Sector Debt
• UK Debt increased rapidly after 2007 because of the recession, falling tax receipts and financial bailout for banks.
• The government have taken several steps to try and reduce the level of government borrowing such as tax increases and spending cuts. However, the stabilisation of public sector debt to GDP depends on continued economic growth.
• Gross Public Sector Debt includes temporary financial sector intervention
• Public Sector debt excludes financial sector intervention.

Sources:

• Data Forecasts HM Treasury
• Current Interest rates at Bank of England

Related

• UK Economy 2010
• Latest Essays on UK economy

Economy Of China

Economy - overview:

China's economy since the 1970s has changed from a closed, centrally planned system to a more market-oriented one that plays a major role in the global economy - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China generally has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, although in per capita terms the country is still lower middle-income. The dollar values of China's agricultural and industrial output each exceeded those of the US, although China was second to the US in the value of services it produced. The Chinese government faces numerous economic development challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and approximately 200 million rural laborers and their dependents have relocated to urban areas to find work. One demographic consequence of the "one child" policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the north - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2009, the global economic downturn reduced foreign demand for Chinese exports for the first time in many years, but China rebounded quickly, outperforming all other major economies in 2010 with GDP growth around 10%. The economy appears set to remain on a strong growth trajectory in 2011, lending credibility to the stimulus policies the regime rolled out during the global financial crisis. The government vows to continue reforming the economy and emphasizes the need to increase domestic consumption in order to make the economy less dependent on exports for GDP growth in the future, but China likely will make only marginal progress toward these rebalancing goals in 2011. Two economic problems China currently faces are inflation - which, late in 2010, surpassed the government's target of 3% - and local government debt, which swelled as a result of stimulus policies, and is largely off-the-books and potentially low-quality.
GDP (purchasing power parity):
$9.854 trillion (2010 est.)
country comparison to the world: 3

$8.95 trillion (2009 est.)

$8.204 trillion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ] GDP (official exchange rate):
$5.745 trillion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
10.1% (2010 est.)
country comparison to the world: 5

9.1% (2009 est.)

9% (2008 est.)
[see also: GDP - real growth rate country ranks ] GDP - per capita:
$7,400 (2010 est.)
country comparison to the world: 128

$6,800 (2009 est.)

$6,200 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ] GDP - composition by sector:
agriculture: 9.6%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 46.8%
[see also: GDP - composition by sector - industry country ranks ]
services: 43.6% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]
Labor force:
819.5 million (2009 est.)
country comparison to the world: 1
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 39.5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 27.2%
[see also: Labor force - by occupation - industry country ranks ]
services: 33.2% (2008 est.)
[see also: Labor force - by occupation - services country ranks ]
Unemployment rate:
4.3% (September 2009 est.)
country comparison to the world: 40

4.2% (December 2008 est.)
note: official data for urban areas only; including migrants may boost total unemployment to 9%; substantial unemployment and underemployment in rural areas
[see also: Unemployment rate country ranks ] Population below poverty line:
2.8%
note: 21.5 million rural population live below the official "absolute poverty" line (approximately $90 per year); an additional 35.5 million rural population live above that level but below the official "low income" line (approximately $125 per year) (2007)
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: 3.5%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 15%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
note: data are for urban households only (2008)
Distribution of family income - Gini index:
41.5 (2007)
country comparison to the world: 54

40 (2001)
[see also: Distribution of family income - Gini index country ranks ] Investment (gross fixed):
47.8% of GDP (2009 est.)
country comparison to the world: 1
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $1.149 trillion
[see also: Budget - revenues country ranks ]
expenditures: $1.27 trillion (2009 est.)
[see also: Budget - expenditures country ranks ]
Public debt:
17.5% of GDP (2010 est.)
country comparison to the world: 112

16.9% of GDP (2009 est.)
[see also: Public debt country ranks ] Inflation rate (consumer prices):
5% (2010 est.)
country comparison to the world: 144

-0.7% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ] Central bank discount rate:
2.79% (31 December 2009)
country comparison to the world: 129

2.79% (31 December 2008)
[see also: Central bank discount rate country ranks ] Commercial bank prime lending rate:
5.31% (31 December 2009 est.)
country comparison to the world: 148

5.31% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ] Stock of narrow money:
$3.838 trillion (31 December 2010 est)

$3.242 trillion (31 December 2009 est)
[see also: Stock of narrow money country ranks ] Stock of broad money:
$10.08 trillion (31 December 2010 est.)

$8.933 trillion (31 December 2009 est.)
[see also: Stock of broad money country ranks ] Stock of domestic credit:
$8.156 trillion (31 December 2010 est.)
country comparison to the world: 4

$7.24 trillion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ] Market value of publicly traded shares:
$5.008 trillion (31 December 2009 est.)
country comparison to the world: 4

$2.794 trillion (31 December 2008)

$6.226 trillion (31 December 2007 est.)
[see also: Market value of publicly traded shares country ranks ] Agriculture - products:
rice, wheat, potatoes, corn, peanuts, tea, millet, barley, apples, cotton, oilseed; pork; fish
Industries:
mining and ore processing, iron, steel, aluminum, and other metals, coal; machine building; armaments; textiles and apparel; petroleum; cement; chemicals; fertilizers; consumer products, including footwear, toys, and electronics; food processing; transportation equipment, including automobiles, rail cars and locomotives, ships, and aircraft; telecommunications equipment, commercial space launch vehicles, satellites
Industrial production growth rate:
11% (2009 est.)
country comparison to the world: 12
[see also: Industrial production growth rate country ranks ]
Electricity - production:
3.451 trillion kWh (2008 est.)
country comparison to the world: 2
[see also: Electricity - production country ranks ]
Electricity - consumption:
3.438 trillion kWh (2008 est.)
country comparison to the world: 2
[see also: Electricity - consumption country ranks ]
Electricity - exports:
16.64 billion kWh (2008)
[see also: Electricity - exports country ranks ]
Electricity - imports:
3.842 billion kWh (2008)
[see also: Electricity - imports country ranks ]
Oil - production:
3.991 million bbl/day (2009 est.)
country comparison to the world: 5
[see also: Oil - production country ranks ]
Oil - consumption:
8.2 million bbl/day (2009 est.)
country comparison to the world: 3
[see also: Oil - consumption country ranks ]
Oil - exports:
388,000 bbl/day (2008 est.)
country comparison to the world: 32
[see also: Oil - exports country ranks ]
Oil - imports:
4.393 million bbl/day (2008)
country comparison to the world: 4
[see also: Oil - imports country ranks ]
Oil - proved reserves:
20.35 billion bbl (1 January 2010 est.)
country comparison to the world: 13
[see also: Oil - proved reserves country ranks ]
Natural gas - production:
82.94 billion cu m (2009)
country comparison to the world: 8
[see also: Natural gas - production country ranks ]
Natural gas - consumption:
87.08 billion cu m (2009)
country comparison to the world: 9
[see also: Natural gas - consumption country ranks ]
Natural gas - exports:
3.32 billion cu m (2009)
country comparison to the world: 31
[see also: Natural gas - exports country ranks ]
Natural gas - imports:
7.462 billion cu m (2009)
country comparison to the world: 27
[see also: Natural gas - imports country ranks ]
Natural gas - proved reserves:
3.03 trillion cu m (1 January 2010 est.)
country comparison to the world: 13
[see also: Natural gas - proved reserves country ranks ]
Current account balance:
$272.5 billion (2010 est.)
country comparison to the world: 1

$297.1 billion (2009 est.)
[see also: Current account balance country ranks ] Exports:
$1.506 trillion (2010 est.)
country comparison to the world: 2

$1.204 trillion (2009 est.)
[see also: Exports country ranks ] Exports - commodities:
electrical and other machinery, including data processing equipment, apparel, textiles, iron and steel, optical and medical equipment
Exports - partners:
US 20.03%, Hong Kong 12.03%, Japan 8.32%, South Korea 4.55%, Germany 4.27% (2009)
Imports:
$1.307 trillion (2010 est.)
country comparison to the world: 3

$954.3 billion (2009 est.)
[see also: Imports country ranks ] Imports - commodities:
electrical and other machinery, oil and mineral fuels, optical and medical equipment, metal ores, plastics, organic chemicals
Imports - partners:
Japan 12.27%, Hong Kong 10.06%, South Korea 9.04%, US 7.66%, Taiwan 6.84%, Germany 5.54% (2009)
Reserves of foreign exchange and gold:
$2.622 trillion (31 December 2010 est.)
country comparison to the world: 1

$2.426 trillion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ] Debt - external:
$406.6 billion (31 December 2010 est.)
country comparison to the world: 22

$349.3 billion (31 December 2009 est.)
[see also: Debt - external country ranks ] Stock of direct foreign investment - at home:
$574.3 billion (31 December 2010 est.)
country comparison to the world: 9

$473.1 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ] Stock of direct foreign investment - abroad:
$278.9 billion (31 December 2010 est.)
country comparison to the world: 15

$229.6 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ] Exchange rates:
Renminbi yuan (RMB) per US dollar - 6.7852 (2010), 6.8314 (2009), 6.9385 (2008), 7.61 (2007), 7.97 (2006)