18 October 2013 08:19 [Source: ICIS news]
SINGAPORE (ICIS)--China’s economy expanded at a faster annual rate of 7.8% in the third quarter, from a 7.5% clip in the previous three months, backed by higher manufacturing output, official data showed on Friday.
On a quarter-on-quarter basis, the world’s second biggest economy posted a 2.2% growth.
In the first nine months of 2013, China’s GDP growth averaged 7.7%, higher than the official full-year target of 7.5%, data from the National Bureau of Statistics (NBS) showed.
On the production side, industrial value-added in January-September 2013 was up 9.6 % year on year, with manufacturing posting a 10.3% growth
China’s ethylene (C2) output in the first nine months of 2013 rose 6.4% year on year to 11.8m tonnes, NBS data showed.
Its crude processing volumes over the same period grew 4.2% to 356m tonnes.
Meanwhile, the country’s sulfuric acid and caustic soda production in January-September 2013 increased by 4.8% to 60.2m tonnes and by 4.4% 21.1m tonnes, respectively, according to official statistics.
A gradual recovery in more developed economies helped to boost China’s exports, NBS spokesperson Shen Laiyun said.
Overall exports rose by 8.0% year on year to yuan (CNY) 1,615bn ($265bn) in January-September this year, while imports were up by 7.3% at CNY1,446bn, it said.
China is a major importer of petrochemicals in Asia, with end-products mostly exported.
($1 = CNY6.10)
Read John Richardson and Malini Hariharan’s blog – Asian Chemical Connections
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