Tuesday 11 August 2020

China's gross domestic product up 6.8pc in H1

DUBAI, July 17, 2018

China's gross domestic product (GDP) expanded 6.8 per cent year-on-year in the first half of 2018 to about 41.90 trillion yuan ($6.27 trillion), revealed data from the National Bureau of Statistics (NBS).

The pace was well above the government's annual growth target of around 6.5 per cent, reported China's Xinhua news agency.

In Q2, China's GDP rose by 6.7 per cent year-on-year, slightly lower than the 6.8 per cent from the previous quarter but representing the 12th straight quarter that GDP growth rate has stayed within the range of 6.7 to 6.9 per cent, according to NBS data.

China's economy expanded 6.9 per cent in 2017, picking up the pace for the first time in seven years.

NBS spokesman Mao Shengyong told a press conference that the Chinese economy has been running soundly in the first six months, offering ‘a good start’ for the country's pursuit of high-quality development with further restructuring progress and improved economic quality and efficiency.

The service sector expanded 7.6 per cent year on year in H1, outpacing a 3.2-per cent increase in primary industry and 6.1 per cent in secondary industry, according to NBS.

Consumption continued to play a more prominent role in driving growth, with final consumption contributing to 78.5 per cent of the economic expansion in January-June, up from 77.8 per cent in Q1 and 58.8 per cent last year.

The domestic job market remained stable in June, with the surveyed unemployment rate in urban areas at 4.8 per cent, unchanged from the level in May and down 0.1 percentage point from June last year.

Tags: | China | product | H1 | domestic | gross |

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