China’s GDP Grows 6.7% in First 3 Quarters

Beijing: China’s gross domestic product (GDP) grew 6.7 percent year on year in the first three quarters of 2018 to about 65.09 trillion yuan ($9 trillion), data from the National Bureau of Statistics (NBS) showed on Friday. The growth was in line with market expectations and higher than the government’s annual growth target of around 6.5 per cent, reports Xinhua news agency. In the third quarter, China’s GDP rose 6.5 per cent from a year ago, compared to a 6.7 per cent increase in the second quarter, the NBS said in a statement.

The economy has expanded in a reasonable range and maintained a trend of overall stability and steady progress, the statistical authority said, while acknowledging that the country faces more external challenges and rising downward pressure. The service sector gained 7.7 per cent year on year in the January-September period, picking up from a 7.6 per cent increase in the first half, and outpacing 3.4 per cent in primary industry and 5.8 per cent in secondary industry. (IANS)