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Chinese economic growth beats estimates in Q3

by ChemOrbis Editorial Team -
  • 21/10/2014 (11:41)
The Chinese economy grew at a rate slightly above analysts’ estimates in the third quarter of 2014, according to media reports, although the rate of growth was still the slowest since the first quarter of 2009. Decreases in construction and lower industrial activities along with weakening domestic demand were blamed for the deceleration in growth.

The country’s gross domestic product (GDP) increased 7.3% in the July- September period on a yearly basis, according to the National Bureau of Statistics. Initial estimates called for a growth rate of 7.2% in a survey by Bloomberg. A 7.9% expansion in services helped the country’s GDP to climb 7.4% in the January- September period.

Meanwhile, industrial production in the country rose 8% in September compared to a 6.9% increase in August. Retail sales also climbed 11.6% compared to the same period of the previous year. Growth in the agricultural industry was 4.2%, while secondary industry, which includes mining and manufacturing, grew 7.4%.

According to a poll of Bloomberg analysts, the Chinese government will set its economic growth target for 2015 at about 7%.
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