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Financial News: China's GDP Growth Steady At 6%

China's GDP Growth Steady At 6%

01/16/2020 - 22:18:00 (RTTNews)

(RTTNews) - China's economy expanded at a steady pace in the fourth quarter of 2019, data from the National Bureau of Statistics showed Friday.

Gross domestic product grew 6.1 percent year-on-year in the fourth quarter, the same rate as seen in the third quarter and in line with expectations. The 6 percent was the lowest in nearly three decades.

In the whole year of 2019, the economy grew 6.1 percent, which is well within the target of 6-6.5 percent. Economists had forecast an annual growth of 6.2 percent.

Further, data showed that growth in industrial production accelerated unexpectedly to 6.9 percent in December from 6.2 percent in November. The rate was expected to ease to 5.9 percent.

Retail sales expanded 8 percent annually, as seen in November, and slightly faster than the expected rate of 7.9 percent.

In the year-to-date period, fixed asset investment was up 5.4 percent versus the expected rate of 5.2 percent.

The surveyed jobless rate rose slightly to 5.2 percent in December from 5.1 percent a month ago.

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