Business

China revises down 2014 GDP growth to 7.3%

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

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

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China has revised its annual economic growth rate in 2014 to 7.3 per cent from the previously released figure of 7.4 per cent, the National Bureau of Statistics said on Monday.

The gross domestic product stood at 63.6 trillion yuan ($10.00 trillion) last year, down by 32.4 billion yuan from the initial estimate, the bureau said in a statement on its website.

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

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

After the revision, the services sector accounted for 48.1 per cent of GDP last year, down from the previously announced 48.2 per cent, the bureau said.

The manufacturing and construction sector accounted for 42.7 per cent of GDP while the farm sector accounted for 9.2 per cent.

The world’s second-largest economy grew 7 per cent 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.

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Printable version | Jan 29, 2020 10:38:17 PM | https://www.thehindu.com/business/china-revises-down-2014-gdp-growth-to-73-from-74-pct/article7625878.ece

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