Key Points:
- China on Monday announced that its official economic growth came in at 6.6 percent in 2018 — the slowest pace since 1990.
- Full-year GDP growth was expected to come in at 6.6 percent, according to analysts polled by Reuters.
- Fourth-quarter GDP growth matched expectations at 6.4 percent on-year from 6.5 percent in the third quarter.
China on Monday announced that its official economic growth came in at 6.6 percent in 2018 — the slowest pace since 1990.
That announcement was highly anticipated by many around the world amid Beijing’s ongoing trade dispute with the U.S., its largest trading partner.
Economists polled by Reuters had predicted full-year GDP to come in at that pace, which was down from a revised 6.8 percent in 2017.
Fourth quarter GDP growth was 6.4 percent, matching expectations. That was a decline from the 6.5 percent year-over-year growth in the third quarter of 2018.
Although Beijing’s official GDP figures are tracked as an indicator of the health of the world’s second-largest economy, many outside experts have long expressed skepticism about the veracity of China’s reports.
Even before increased trade tensions with the U.S., China was already trying to manage a slowdown in its economy.
Beijing is trying to balance a crackdown on high debt levels while also maintaining economic growth. While reducing reliance on debt would benefit the economy in the long run, it likely means a far slower pace of growth than the country has seen in recent years.
Nevertheless, economic data from China are being closely watched for signs of damage inflicted by the trade war with Washington.
Reference: CNBC
Read More: https://www.cnbc.com/
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