China’s GDP growth slows down in Q1

Friday, 13 April 2012 12:09:40 (GMT+3)   |  
       

According to China's National Bureau of Statistics, China's gross domestic production (GDP) grew by 8.1 percent year on year in the first quarter of 2012, down from 8.9 percent growth in the previous quarter, marking the slowest growth in nearly three years.
 
The country's GDP increased by 1.8 percent in the first three months compared to the previous quarter. While March industrial output increased by 11.9 percent year on year, one of the main drivers of China's economy, i.e., fixed asset investment, climbed by 20.9 percent year on year in the given quarter.
 
In addition, in the first quarter of the current year China's total value of imports and exports amounted to $859.37 billion, up 7.3 percent compared to the corresponding quarter of the previous year. The total value of exports was $430.02 billion, up by 7.6 percent, while that of imports was $429.35 billion, up by 6.9 percent, both year on year. The trade surplus was $670 million.
 
As SteelOrbis previously reported, China's National Development and Reform Commission (NDRC) estimated a growth of 8.4 percent in the country's GDP for the first quarter. 

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