China GDP grows 7.7%, slowest expansion in 13 years: govt

  • AFP, Beijing
  • |
  • Updated: Jan 20, 2014 08:00 IST

China's economy grew 7.7% last year, the government said Monday, in line with expectations and the same as 2012, when it recorded its slowest expansion in 13 years.

Growth for the October-December quarter also came in at 7.7%, the National Bureau of Statistics (NBS) said, slowing from 7.8% in the previous three months.

The 2013 GDP figure was the same as the median forecast in a survey of 14 economists by AFP and as usual exceeded the government's growth target for the year, which was declared as 7.5%.

Growth for the fourth quarter, meanwhile, was better than the AFP survey's median forecast of 7.6%.

"Generally speaking China's economy showed good momentum of stable and moderate growth in 2013, which is (a) hard-earned achievement," the NBS said in a statement.

"However we should keep in mind that the deep-rooted problems built up over time are yet to be solved in such a critical period for China's economy."

 

also read

RBI rate cut may sweeten home loans, EMIs set to fall to 7-yr low

blog comments powered by Disqus