China's economy records lowest growth in 14 years

Monday 20 January 2014 17.31
Chinese economy grew by 7.7% in 2013
Chinese economy grew by 7.7% in 2013

China's gross domestic product expanded 7.7% last year, new data showed today, its slowest rate in 14 years at a time of concern about the strength of the world's second biggest economy.

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 exceeded the government's growth target for the year, which was declared as 7.5%.

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

China is widely expected to face slower expansion in the years ahead with its leaders saying they are committed to transforming the country's growth model to one where consumers and other private actors play the leading role, rather than huge and often wasteful state investment.

Separately, the NBS said industrial output, which measures production at factories, workshops and mines, rose 9.7% in December year-on-year, while expanding a similar 9.7% for the full year 2013. 

Retail sales, a key indicator of consumer spending, gained 13.6% in December from the same month the year before and rose 13.1% in 2013. Fixed asset investment, a measure of government spending on infrastructure, expanded 19.6%in 2013, the NBS added.

Keywords: china, economy