17 January 2012 03:57 [Source: ICIS news]
SHANGHAI (ICIS)--China’s GDP growth slowed to 8.9% year on year in the fourth quarter of 2011, down from 9.1% in the previous quarter and the weakest expansion in two and half years, official statistics showed on Tuesday.
For the full year 2011, the world’s second biggest economy grew by 9.2% year on year to yuan (CNY) 47,160bn ($7,462bn), data from the National Bureau of Statistics (NBS) showed.
The growth rate was down from the 10.3% expansion recorded in 2010.
The country recorded GDP growth of 9.1% in the third quarter, 9.5% in the second quarter and 9.7% in the first quarter, according to the NBS.
The figures were largely in line with forecasts by the market and the government, NBS director Ma Jiantang said at a press conference.
The fall in quarterly GDP growth is an indication that monetary tightening policies have taken effect and inflation has been taken under control as part of the government’s primary macroeconomic aims for 2011, Ma added.
China set a full-year growth target of 8% in early 2011.
($1 = CNY6.32)
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