A staff member checks the engineering vehicles at a construction machinery company in Yantai, East China's Shandong province, Jan 17, 2022. (TANG KE / XINHUA)

BEIJING – China's statistics authority on Tuesday revised the country's gross domestic product growth for 2021 to 8.4 percent in its final verification.

The figure was up 0.3 percentage points from the preliminary calculation, the National Bureau of Statistics said.

According to the revision, the data showed that China's GDP reached 114.92 trillion yuan (about $16.52 trillion) in 2021, up 556.7 billion yuan from the preliminary calculation.

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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.

An employee works at a textile factory in Zhengding County of Shijiazhuang, North China's Hebei province, Jan 17, 2022 (LIANG ZIDONG / XINHUA)

Industrial profits down

Profits of China's major industrial firms declined 3.6 percent year on year in the first 11 months of the year, the data showed.

Industrial firms with annual main business revenue of at least 20 million yuan (about $2.88 million) saw their combined profits reach about 7.72 trillion yuan in the period, the NBS said.

"In November, industrial production slowed down, and the pressure on business operations increased due to factors such as the resurgence of the epidemic and the weak demand, but the profit structure continued to improve," said senior NBS statistician Zhu Hong.

If excluding sharp declines in a few enterprises, such as steel and oil processing enterprises and two leading vaccine companies that earned remarkably high profits a year ago, the overall profit growth rate will be 6.6 percent in the January-November period this year, Zhu said.

Total 20 out of 41 major industries saw growth in profits in the period, up from 19 in the first 10 months.

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The oil and gas exploitation sector saw profits jump 1.13 times from the same period last year, while the electric and heat power production and supply and the coal mining and washing sectors reported profit increases of 47.2 percent and 47 percent, respectively. 

In the first 11 months, the combined revenues of industrial firms sustained growth, rising 6.7 percent year on year to 123.96 trillion yuan, the NBS data showed.