Friday, April 13, 2012

GDP growth rate of China

China said on Friday its GDP grew by 8.1% in the first quarter, 2012, its slowest pace in nearly three years, as domestic demand fell and Europe's woes curbed business activity considerably.
Gross domestic product grew by its slowest pace since the second quarter of the year 2009 in the three months to the end of March,2012 , the National Bureau of Statistics (NBS) said.
The figure marked the fifth consecutive quarterly slowdown for the world's second-largest economy, and NBS spokesman told that there was now "enormous" pressure on exports.
"The global situation in the first quarter is complex the pressure on exports growth is enormous," he told the media.
Output from China's millions of factories and workshops rose 11.61 percent in the first three months of this year, compared with growth of 15.70 percent a year earlier.
The figure is likely to fuel concerns about China's vast manufacturing sector, which has been badly hurt by falling demand for Chinese products in crisis-hit Europe, the country's main importer.
China's annual growth slowed to 9.20 percent last year from 10.41 percent in 2010, as turbulence in Europe and the United States hit the biggest export-driven economy  of the world.

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