China's GDP growth slows to 8.1% in Q1 2012

13 April 2012 04:57  [Source: ICIS news]

SINGAPORE (ICIS)--China’s GDP growth has slowed to 8.1% in the first quarter of 2012, down from 8.9% in the previous quarter, official statistics from the National Bureau of Statistics (NBS) showed on Friday.

Its industrial output grew by 11.6% year on year in the three months to March, with total retail sales for the period up by 10.9% year on year, NBS said.

The country recorded a 3.6% year on year rise in its consumer price index (CPI) and a 0.3% decline in its producer price index (PPI) in March.

“China’s inflation has been effectively controlled and is not expected to rebound in the near term,” said economist Ding Yifan of the Development Research Center of the State Council.

“The country should concentrate on macro-policy and monetary policy and help to build investors’ confidence,” Ding said.

Citigroup economist Shen Minggao said: “China’s GDP growth is likely to fall below 8% in the second quarter if PPI continues to drop.”

Analysts said China is likely to experience a “soft landing” in its economic expansion, with GDP growth controlled at 8.0-8.5% this year.

By: Rachel Yang

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