China’s 2023 gross domestic product (GDP) has been revised to 129.4 trillion yuan (approximately 18 trillion U.S. dollars), according to official data released on Thursday. The updated figure marks an increase of 3.4 trillion yuan compared to the preliminary estimate, as reported by the National Bureau of Statistics (NBS).

According to the NBS, China’s annual GDP is calculated in two stages: a preliminary estimate and a final verification, which incorporates annual statistics, fiscal accounts, and administrative records. Revising GDP figures is a standard international practice and a routine procedure in Chinese government statistics, said Lin Tao, deputy head of the NBS.

The revision process for the 2023 GDP of China’s provincial-level regions is still ongoing, with results expected to be released in 2025.