China’s 2016 GDP Growth Rate Worst in Past 26 Years – Statistics Bureau

China’s GDP growth rate is demonstrating worst performance in the past 26 years, data from the National Bureau of Statistics of China shows.

BEIJING (Sputnik) — The country's GDP growth rate in 2016 went down compared to 2015, in line with government predictions, but demonstrating worst performance in the past 26 years.

"According to preliminary data, China’s Gross Domestic Product [GDP] amounted to 74.41 trillion yuan [about $10.84 trillion], which is 6.7% more than last year. In particular, the annual GDP growth in the first quarter was 6.7%, in the second – 6.7%, in the third – 6.7% and in the fourth – 6.8%," the bureau said in its report.

 

Investments in fixed assets in China, with the exception of agriculture, amounted to 8.1 percent in 2016, while total investments stood at 59.65 trillion yuan (about $8.69 trillion). The share of private investments grew 3.2 percent against the 2015 figures.

Retail sales in China increased 10.4 percent last year, amounting to 33.23 trillion yuan (about $4.84 trillion). Online retail sales grew by 26.2 percent.

China's economy has recently experienced significant turmoil, with growth rates at record lows, an increasingly volatile stock market and the yuan sliding against other currencies.

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