Business / China Data

China's 2012 GDP revised to 51.95t yuan

(Xinhua) Updated: 2014-01-09 09:17

BEIJING - China's gross domestic product (GDP) growth for 2012 has been revised to 51.95 trillion yuan ($8.52 trillion), 52.8 billion yuan higher than the preliminary reading released in September, the National Bureau of Statistics (NBS) said Wednesday.

The revised GDP growth remains unchanged at 7.7 percent, according to a bureau statement.

It was the final GDP reading for 2012 according to a three-step publication procedure with more detailed data.

Primary industries took up a 10.1-percent share in the GDP structure, while secondary and tertiary sectors accounted for 45.3 percent and 44.6 percent respectively, remaining unchanged from readings of the preliminary verification.

The NBS calculates each year's GDP three times - preliminary calculation, preliminary verification and final verification.

The year of 2012 marked the slowest growth for China since 1999 due to external and internal factors. The weak strength extended into 2013, with growth standing at 7.7 percent during the January-September period, slightly above the government's annual expansion target of 7.5 percent.

The inflation adjusted revision was based on verified analyses of new materials such as the government's final accounts and annual reports of some industries, according to the NBS.

Though latest figures indicate China's economy might have lost some steam into the close of 2013, most economists are optimistic over the country's growth momentum in 2014.

According to a report released by the Chinese Academy of Social Sciences on Wednesday, 60 percent of economists interviewed forecast that the country's 2014 GDP will stay at about 7.5 percent.

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