As the largest in the worldEconomyAs a result, the GDP of the United States has maintained a good growth momentum. However, in the past 20 years or so, the United States has experienced negative growth only twice, in the 2009 financial crisis and the 2020 pandemic. Especially in recent years, the GDP growth momentum of the United States has been even stronger, with an annual increase of more than $2 trillion. The figures for the third quarter of 2023 are once again impressive, with adjusted GDP reaching $6,928.9 billion, an increase of 0.0 percent from the annualized quarter-on-quarter growth rate3 percentage points, a year-on-year growth rate increased by 01 percentage point. Private consumption has been the biggest contributor to GDP this yearInflation rateand the appreciation of the dollar have led to a boom in consumption and investment in the United States. In contrast, China's GDP in the third quarter increased by 4% year-on-year9%, still maintaining an advantage. Although the growth rate has slowed this year, we are still trying to recover domestic demand and actively respond to exchange rate fluctuations and export pressuresEconomySteady growth.
The revision of GDP data in the United States is an international practice. In July of each year, the U.S. conducts an annual revision of GDP after the availability of the previous year's improved data, and the corresponding quarterly data is adjusted accordingly. A similar approach was taken in our country, back in 2015National Bureau of StatisticsIt is clear that China's GDP revision will be carried out three times, including the preliminary accounting figure, the revision after half a year, and the final verification figure for the second year. Therefore, for the GDP in the third quarter and the first three quarters of 2023, China will also calculate and adjust accordingly. This revision and adjustment is intended to reflect more accuratelyEconomyof the actual situation.
GDP as a measure of a countryEconomyAn important indicator of the level of development, although to a large extent, it can reflect a countryEconomyoverall size and growth trend, but it also has certain limitations. First, due to differences in statistical methods across countries, it is often difficult to make direct comparisons between countries' GDP data. Take the United States as an example, it includes non-market activities in the scope of GDP statistics, including the salaries of ** staff and military personnel, lawyer fees, household production, etc., while China does not take these factors into account. Second, GDP is only a measure of a countryEconomyOn the one hand, there are other aspects such as military strength, cultural and artistic influence, as wellSocial welfareIt is equally important to not just use GDP as a measure.
Although the revision and adjustment of GDP data is a common practice in the world, we should also recognize that GDP does not fully reflect the level of development of a country. AsEconomyOne of the indicators of development, we still need to pay attention to other indicators and conduct a multifaceted comprehensive assessment. Currently, our country'sEconomyWe are in a state of weak recovery and are facing challenges such as insufficient domestic demand, falling prices, and export pressures, but we are taking proactive measures to respond and strive to maintain themEconomyof faster growth. In the long run, our countryEconomyThe strength and potential are still there, and we are confident that we can meet various risks and challenges. At the same time, we also need to pay attention to other aspects of development, such as improving people's livelihood and improvingSocial welfarelevel, strengthen social and cultural construction, etcEconomysustainable development and people's happy life.
In conclusion, GDP data is an assessment of a countryEconomyAn important indicator of the level of development, but it also has certain limitations. In the face of changes in the international situation and internal and external risks and challenges, we need to maintain a calm and rational attitude and comprehensively analyze and understandEconomydata, taking into account various factors, for our countryEconomyDevelop sound strategies and policies. At the same time, we also need to recognizeEconomyDevelopment is not only about quantitative indicators, but also about the well-being of the people and the progress of societyEconomyA virtuous circle of development and comprehensive social progress.