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China GDP falls to 26-year low at 6.7%

This article was posted on Jan 20, 2017 and is filed under Market News

Beijing: China`s economy grew 6.7 percent year on year in 2016, the slowest pace of growth in 26 years, but well within the government`s target range, official data showed on Friday.

Growth in the fourth quarter came in at 6.8 percent, accelerating from the 6.7 percent in the third quarter, according to National Bureau of Statistics data (NBS).

The government`s target was 6.5 to 7 percent growth for 2016, Xinhua news agency reported.

Gross domestic product totalled to 74.41 trillion yuan (about $10 trillion) in 2016, with the service sector accounting for 51.6 percent.

The data showed that major economic indicators softened last year, with industrial output growth slowing slightly to 6 percent from 6.1 percent in 2015.

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