China 2015 GDP Growth Weakest in 25 Years


Chinese economy expanded by 6.9 percent in 2015, lower than 7.3 percent in 2014 and the weakest since 1990. The figure was in line with market expectations as strength in services and consumption offset weaker manufacturing and exports.

In 2015, services sector (tertiary industry) expanded 8.3 percent, 2.4 percentage points higher than last year and and accounted for 50.5 percent of GDP. On the other hand manufacturing and construction (secondary industry) growth slowed to 6 percent from 7.3 percent in 2014 and accounted for 40 percent of GDP. 

In 2015, the final consumption expenditure accounted for 66.4 percent of GDP, 15.4 percentage points higher than last year. 

In 2015, the investment in fixed assets (excluding rural households) grew 10 percent, 2.9 percentage points slower than last year and accounted for 36.1 percent of GDP. The investment by the state holding enterprises increased 10.9 percent while private investment went up by 10.1 percent, accounting for 64.2 percent of the total investment. 

In 2015, total retail sales of consumer goods rose 10.6 percent with sales in urban areas growing by 10.5 percent an in rural by 11.8 percent. Online retail sales surged 33.3 percent compared with last year, among which the retail sales of physical goods increased of 31.6 percent (10.8 percent of the total retail sales of consumer goods) and the retail sales of non-physical goods increased 42.4 percent.

In 2015, total value of imports and exports in yuan terms decreased by 7 percent with exports dropping 1.8 percent and imports going down by 13.2 percent. 

The Chinese economy grew 6.8 percent in the fourth quarter compared to the same period in 2014, slightly down from 6.9 percent in the previous period and the weakest since the first quarter of 2009.  

Compared to the previous quarter, the GDP expanded by 1.6 percent in Q4, slowing from a 1.8 percent expansion in the September quarter. It is the weakest growth since the first quarter of 2014.
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China 2015 GDP Growth Weakest in 25 Years


National Bureau of Statistics l Rida Husna | rida@tradingeconomics.com
1/19/2016 1:14:43 PM