China's GDP grew by 6.1% in 2019, slowest in 3 decades

20 Jan '20

1 min read

Pic: Shutterstock

China’s economy weakened to its slowest pace in three decades last year because of weaker domestic demand and trade tensions with the United States, according to data from the National Bureau of Statistics (NBS) that showed the country grew by 6.1 per cent last year, its worst performance since 1990. Last year’s growth was down from 6.6 per cent in 2018.

The country’s economy had been gradually losing steam over the first three quarters and growth stabilised at 6 per cent in the last three months of 2019—the same pace as in the third quarter, according to the NBS.

In 2019, the total value of imports and exports of goods was 31,544.6 billion yuan, an increase of 3.4 per cent over the previous year. The total value of exports was 17,229.8 billion yuan, up by 5.0 per cent; the total value of imports was 14,314.8 billion yuan, up by 1.6 per cent.

The total retail sales of consumer goods reached 41,164.9 billion yuan last year, up by 8 per cent over the previous year. The retail sales of consumer goods by enterprises above the designated size was 14,801 billion yuan, an increase of 3.9 per cent.

Fibre2Fashion News Desk (DS)

More Textiles News - China...