China’s Q2 GDP growth hits three-year low at 7.6%

13 July 2012 04:46  [Source: ICIS news]

SINGAPORE (ICIS)--China’s GDP grew by 7.6% in the second quarter, the slowest since the second quarter of 2009 when the global economy was hit by a financial crisis, official data showed on Friday.

The 7.6% growth was also the first time the country’s quarterly GDP fell below 8.0% in the past three years, according to data from the National Bureau of Statistic (NBS).

In the first half of the year, the Chinese economy grew by 7.8%, down from 8.1% in the first quarter and 9.2% in 2011, the data showed.

The government has announced in March a 7.5% growth target for the whole year of 2012.

Meanwhile, the country’s industries expanded by 9.5% year on year in June, 0.1 percentage points lower than in May, according to the data.

Fixed assets investments in the first half of the year rose by 20.4% year on year, 0.3 percentage points higher than that in January-May, the data showed.

The figures are in line with market expectations and China will boost investments to spur up growth for the rest of the year, analysts said.

By: Fanny Zhang
+65 6780 4359

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