China cuts 2014 GDP growth from 7.4% to 7.3% | business | Hindustan Times
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China cuts 2014 GDP growth from 7.4% to 7.3%

business Updated: Sep 09, 2015 12:04 IST
Chinese economy

A customer counts Chinese Yuan notes at a market in Beijing, August 12, 2015. China shocked global markets on Tuesday by devaluing its currency after a run of poor economic data, a move it billed as a free-market reform but which some experts suspect could be the beginning of a longer-term slide in the exchange rate. (REUTERS)

China revised its annual economic growth rate in 2014 from the previously released figure of 7.4% to 7.3%. A statement issued by the National Bureau of Statistics on Monday said that the Chinese GDP stood at 63.6 trillion yuan ($10.00 trillion) last year, down by 32.4 billion yuan from the initial estimate.

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

The primary sector - the agriculture sector - grew 4.1% last year, while growth of the secondary sector, which includes manufacturing and construction, rose 7.3%.

After the revision, the services sector accounted for 48.1% of GDP last year, down from the previously announced 48.2%, the bureau said. The manufacturing and construction sector accounted for 42.7% of GDP while the farm sector accounted for 9.2%.

The world's second-largest economy grew 7% 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.