China revises preliminary calculation of 2024 GDP

China's gross domestic product (GDP) in 2024 was revised to 134,806.6 billion yuan (about 19,239.3 billion U.S. dollars), an increase of 5 percent year on year calculated in constant value, official data showed Friday.

The amount represents a decrease of 101.8 billion yuan (about 14.5 billion U.S. dollars) from the preliminary calculation made earlier in the year, according to official data released by the National Bureau of Statistics (NBS).

China's annual GDP goes through two sets of accounting: preliminary calculation and final verification. The final verification is conducted based on the annual statistical data, final fiscal accounts, and departmental administrative records.

The European Union is facing the risk of a stagflationary shock as the ongoing conflict in the Middle East is driving up energy prices and clouding the economic outlook, European Commissioner for Economy Valdis Dombrovskis said on Monday.

The European Commission's spring 2026 economic forecast, to be released later this week, will see economic growth figures adjusted down and inflation figures up, said Dombrovskis during an interview while attending a meeting of finance ministers from the Group of Seven (G7) in Paris.

With the Strait of Hormuz closed and oil prices staying above 100 U.S. dollars per barrel, fears of stagflation have risen in recent weeks, said Dombrovskis, adding that the margin of action by policymakers is "more limited" now.

The commissioner said it's important that the bloc take temporary, targeted support measures rather than measures that sustain high demand for fossil fuels.

Dombrovskis also described the EU's release of strategic oil reserves as "ongoing," while warning of concerns about shortages in areas such as innovative fuels.

The International Energy Agency Executive Director, Fatih Birol, said on Monday that commercial oil stocks are declining "rapidly", with several weeks of supply left due to the consequences of the conflict in the Middle East.