Full-year economic growth in 2014 reached 7.4 percent, undershooting the government's target of 7.5 percent and marking the weakest expansion in 24 years. Consumption contributed 51.2 percent of the GDP growth last year, up 3 percentage points from a year earlier. Services made up 48.2 percent of the economy, up 1.3 percentage points.
Quarter-on-quarter, the GDP expanded 1.5 percent, compared with a 1.9 percent growth reported from July to September.
In the final month of 2014, industrial output and retail sales beat expectations. Industrial output increased 7.9 percent year-on-year, rising from 7.2 percent a month earlier. Retail sales grew 11.9 per cent, accelerating from a 11.7 percent in November. Fixed asset investment, a key driver of the economy, grew only 15.7 percent in 2014.
In spite of better than expected results at the end of 2014, more stimulus measures are widely expected in 2015 as deflationary pressure persists and the slowdown in the estate market is expected to continue.