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Chinese GDP growth for 2014 revised down to 7.3%
08
Sep '15
China has lowered its GDP growth figure for last year by 0.1 percentage points to 7.3 per cent, authorities said, the National Bureau of Statistics said as concerns mount over slowing expansion in the world`s second-largest economy, according to media reports.

The new figure remains the lowest since 1990, when growth plunged to 3.9 per cent.

Gross domestic product stood at 63.6 trillion yuan ($10.00 trillion) last year, down by 32.4 billion yuan from the initial estimate, the NSB said in a statement on its website.

The NSB has revised down 2014 growth of the services sector by 0.3 percentage points to 7.8 per cent, which helped drag down estimated GDP growth rate, it said.

Agriculture - the primary sector - grew 4.1 per cent last year, while growth of the secondary sector, which includes manufacturing and construction, rose 7.3 per cent.

After the revision, the services sector accounted for 48.1 per cent of GDP last year, down from the previously announced 48.2 per cent, the bureau said.

The manufacturing and construction sector accounted for 42.7 per cent of GDP while the farm sector accounted for 9.2 per cent.

The world's second-largest economy grew 7 per cent in the first half from a year earlier - in line with the government's target for 2015, but recent downbeat data has raised the risk the government could miss the full-year growth target.

The 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. (SH)

Fibre2Fashion News Desk – India

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