China economy slows down further; Q3 GDP growth at 7.4%

18 October 2012 04:24  [Source: ICIS news]

SINGAPORE (ICIS)--China posted a third-quarter GDP growth of 7.4% – the slowest pace recorded in more than three years, official data showed on Thursday.

The world’s second-biggest economy has continued to slow down since the start of the year, after a 7.6% growth in the second quarter and an 8.1% expansion in the first, data from the National Bureau of Statistics showed.

The third-quarter growth was the lowest recorded since the first quarter of 2009, according to official data.

In the first three quarters of 2012, China’s GDP expanded by 7.7%, compared with a 9.4% pace in the same period of 2011, the data showed.

China’s economic slowdown is widely expected amid weakening demand in Europe and the US, soft domestic consumption and lacklustre investments, analysts said.

China is targeting a 7.5% growth for the whole of 2012, slower than the 9.2% expansion in 2011.

By: Fanny Zhang
+65 6780 4359

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