20 January 2014 03:44 [Source: ICIS news]
SINGAPORE (ICIS)--China’s economy expanded by 7.7% year on year in the fourth quarter of 2013, slowing from the 7.8% growth in the preceding quarter amid the slowdown in its industrial output, official data showed on Monday.
The country’s GDP also grew by 7.7% for the full year of 2013, marking the slowest yearly rate of growth in 14 years, according to data from the National Bureau of Statistics (NBS).
The country’s industrial production rose by 9.7% year on year in December, down from the 10% increase in November. For the full year of 2013, industrial expanded by 9.7% year on year.
“Generally speaking China’s economy showed good momentum of stable and moderate growth in 2013, which is [a] hard-earned achievement,” NBS chief Ma Jiantang said in the NBS report.
“However, we should keep in mind that the deep-rooted problems built up over time are yet to be solved in such a critical period for China’s economy,” Ma added.
Additional reporting by Dolly Wu
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