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China’s economy grows at slowest pace in 24 years in 2014

by ChemOrbis Editorial Team -
  • 20/01/2015 (14:36)
According to data released by China’s National Bureau of Statistics (NBS), the country’s economic growth slowed to a 24-year low in 2014. The country’s gross domestic product (GDP) expanded by 7.4% in 2014 compared with a growth rate of 7.7% in the preceding year to miss the government’s economic growth target of 7.5% for the last year.

However the country’s economic growth rate of 7.3% in the last quarter of 2014 beat economists’ estimates calling for a 7.2% economic growth on a quarterly basis.

The deceleration in the country’s economic growth was attributed to weakness in manufacturing and trade as well as lower prices for the real estate sector. The data showed that the country’s industrial production increased 7.9% on the year in December while retail sales rose 11.9%. In 2014 the country’s fixed asset investment, a measure of government spending on infrastructure, climbed 15.7% on a yearly basis through which the government aims to boost the country’s slowing economy.
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