China 2014 Growth Revised Down To 7.3 Percent

By Super
Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Beijing, Sep 7 (IANS) China's statistics authority on Monday lowered the country's growth rate for 2014 to 7.3 percent based on its preliminary verification.

    The revised gross domestic product (GDP) for 2014 came in at $10 tn, down 32.4 bn yuan from the preliminary calculation figure that put the annual rate at 7.4 percent, the National Bureau of Statistics (NBS) said in a statement.

    China 2014 Growth Revised Down To 7.3 Percent
     

    Primary industries accounted for 9.2 percent of the GDP structure, unchanged from the preliminary calculation, Xinhua news agency reported.

    The secondary sector accounted for 42.7 percent of GDP, up 0.1 percentage points from the preliminary calculation, while the tertiary sector accounted for 48.1 percent, down 0.1 percentage point from the earlier statistics.

    NBS calculates each year's GDP three times -- the preliminary calculation, followed by the preliminary verification and then the final verification, which is released several months later.

    Last year marked the weakest annual expansion for China in 24 years due to a housing slowdown, softening domestic demand and unsteady exports, and growth further slowed to seven percent in the first half of 2015 as the country braces for a "new normal" period of slower growth but higher quality.

    In an assuring message to the market, China's top economic planner on Monday said the world's second largest economy is stabilizing and turning for the better, citing stabilizing rail freight and a warming property market as proof for the improvement.

    Since August, economic indicators such as power use, rail freight, home prices and transactions have all taken a favourable turn, showing economic operations stabilizing amid fluctuations, according to a statement on the website of the National Development and Reform Commission.

    A recent report by Fitch Ratings' on China's new normal said that "pessimism over China's short-term outlook is overdone and a growth pick-up in the second half is already in the pipeline."

     

    Fitch, however, also expects more volatility around the new normal of slower growth, both in real economic activity and in financial markets.

    Read more about: economy china gdp
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more