China economy expands 7.9% in Q4; 2012 GDP growth at 7.8%

18 January 2013 03:55  [Source: ICIS news]

SINGAPORE (ICIS)--The Chinese economy grew at a faster pace of 7.9% in the fourth quarter of 2012 from 7.4% in the third, bringing the full-year average growth at 7.8%, official statistics showed on Friday.

Last year’s average expansion was 1.4 percentage points lower than the growth recorded in 2011, according to the country’s National Bureau of Statistics (NBS).

Overall growth slackened in 2012 because of a slowdown in consumption, investments and net exports, said NBS commissioner Ma Jiantang.

China's industrial output in 2012 expanded by 10%, according to NBS.

Fixed assets investments in 2012 increased 20.6%, 3.4 percentage points slower than that in 2011, while consumption was up 14.3%, 2.8 percentage points lower from the growth recorded in the previous year.

Foreign trade, meanwhile, posted a more moderate growth of 6.2% in 2012, compared with a robust 22.5% growth in the previous year.

By: Fanny Zhang
+65 6780 4359

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