China revises down 2014 GDP growth to 7.3% from 7.4%

Tuesday, 8 September 2015 00:38 - - {{hitsCtrl.values.hits}}

China has revised its annual economic growth rate in 2014 to 7.3% from the previously released figure of 7.4%, the National Bureau of Statistics said on Monday.

Gross domestic product stood at 63.6 trillion yuan ($10.00 trillion) last year, down by 32.4 billion yuan from the initial estimate, the bureau said in a statement on its website.

The bureau has revised down 2014 growth of the services sector by 0.3 percentage points to 7.8%, which helped drag down estimated GDP growth rate, it said.

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The primary sector – the agriculture sector – grew 4.1% last year, while growth of the secondary sector, which includes manufacturing and construction, rose 7.3%.

After the revision, the services sector accounted for 48.1% of GDP last year, down from the previously announced 48.2%, the bureau said.

The manufacturing and construction sector accounted for 42.7% of GDP while the farm sector accounted for 9.2%.

The world’s second-largest economy grew 7% in the first half from a year earlier – in line with the government’s target for 2015, but recent downbeat data has raised the risk the government could miss the full-year growth target.