14 October 2010 04:08 [Source: ICIS news]
The September-quarter GDP growth dramatically eased as manufacturing activities cooled down, registering just a 12.1% growth from a 46.1% expansion in the June quarter, based on MTI statistics.
The decline in growth momentum was an expected correction from the exceptional growth in the first half of the year, the ministry said. The
“On a seasonally-adjusted quarter-on-quarter annualised basis, the economy contracted by 19.8%, a reversal from the growth of 27.3% in the previous quarter,” the MTI said.
The manufacturing sector, which includes the petrochemicals industry, showed a 57% quarter-on-quarter decline in the three months to September, reversing the 67% growth in the preceding quarter, it said.
“This decline is largely attributable to the biomedical manufacturing cluster. Some pharmaceutical companies switched to producing a different value-mix of active pharmaceutical ingredients; there were also some plant maintenance shutdowns during the quarter,” the ministry said.
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