7 Sep 2015
China revised down 2014 GDP growth to 7.3%
FXStreet (Mumbai) - Chinese authorities have revised China's economic growth rate in 2014 by 0.1% to 7.3% from the previously announced 7.4%, the country's National Bureau of Statistics (NBS) said on Monday.
According to the NBS, the revision was caused by the slower pace of expansion in the services sector as its growth has been downgraded by 0.3% to 7.8% from the originally awarded 8.1%.
The services sector accounted for 48.1% of GDP in 2014 after the revision, downgraded from the initially reported 48.2%, the NBS said. The manufacturing and construction sector accounted for 42.7% of GDP and the agriculture sector accounted for 9.2%.
Markets believe that this 0.1% revision isn't a big deal, however it definitely adds to the persisting negative sentiment around China’s economy. The fresh revision, thus, underscores a continuing economic slowdown in China and makes reaching the 7% growth target for 2015 less likely.
According to the NBS, the revision was caused by the slower pace of expansion in the services sector as its growth has been downgraded by 0.3% to 7.8% from the originally awarded 8.1%.
The services sector accounted for 48.1% of GDP in 2014 after the revision, downgraded from the initially reported 48.2%, the NBS said. The manufacturing and construction sector accounted for 42.7% of GDP and the agriculture sector accounted for 9.2%.
Markets believe that this 0.1% revision isn't a big deal, however it definitely adds to the persisting negative sentiment around China’s economy. The fresh revision, thus, underscores a continuing economic slowdown in China and makes reaching the 7% growth target for 2015 less likely.