China's GDP growth slows

Beijing, July 15 (IANS) China's gross domestic product growth slowed to 7.5 percent in the second quarter of 2013, down from 7.7 percent during the first quarter, data from the National Bureau of Statistics (NBS) showed Monday.

Jul 15 2013, 3:28am CDT | by

China's GDP growth slows
Photo Credit: PETER PARKS, Getty Images

Beijing, July 15 — China's gross domestic product growth slowed to 7.5 percent in the second quarter of 2013, down from 7.7 percent during the first quarter, data from the National Bureau of Statistics (NBS) showed Monday.

Growth in the first half of the year stood at 7.6 percent, which is in line with market expectations and was above the government's full-year target of 7.5 percent, reported Xinhua.

"China's economy has maintained a steady growth," Sheng Laiyun, a spokesman for the NBS, said at a press conference.

According to the NBS data, the GDP totalled 24.8 trillion yuan ($4 trillion) in the first six months.

"Major economic indicators are still within reasonable ranges as expected, but the economic environment remains complex," Sheng said, adding that the market should play a better role to bring out the economy's intrinsic vigour.

The latest GDP figures headed a string of other data showing a continuous slowdown in the world's second-largest economy after China's full-year annual growth eased to 7.8 percent last year, its weakest since 1999.

Industrial output increased 9.3 percent year on year in the first half of 2013, while the growth of fixed-asset investment, a measure of government and private spending on infrastructure, stood at 20.1 percent during the period, down 0.8 percentage point over the first quarter of the year.

Retail sales, a key indicator of consumer spending, increased 12.7 percent from a year earlier. The growth rate picked up by 0.3 percentage point from the first quarter, according to the NBS.

IANS

Source: IANS

 
 
 

<a href="/latest_stories/all/all/8" rel="author">Luigi Lugmayr</a>
Luigi is the founding Chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.

 

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