China revises up 2009 GDP growth | business | Hindustan Times
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China revises up 2009 GDP growth

business Updated: Jul 02, 2010 21:08 IST
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China on Friday revised up 2009 GDP (gross domestic product) growth to 9.1 per cent from 8.7 per cent on the back of higher output from industry and services. The revision means China was even closer at the end of 2009 to overtaking Japan as the world’s second-largest economy — a status it is virtually certain to secure this year on current growth trends.

China’s output last year totalled 34 trillion yuan ($5 trillion), the National Bureau of Statistics (NBS) said.

At last December’s exchange rate that was about $5.0 trillion, compared with $5.1 trillion for Japan, according to the International Monetary Fund.

The NBS revised growth in China’s industrial sector to 9.9 per cent from 9.5 per cent. Services expanded by 9.3 per cent, revised from 8.9 per cent.

The growth rate of the agricultural sector was unchanged at 4.2 per cent.

After revisions, industry made up 46.3 per cent of total GDP (48.6 per cent in 2008), services 43.4 per cent (40.1 per cent in 2008) and agriculture 10.3 per cent (11.3 percent in 2008).