China's GDP Grows 6.8 Pct In H1

Umer Jamshaid Published July 17, 2018 | 01:45 AM

China's gross domestic product expanded 6.8 percent year on year in the first half of 2018 to about 41.90 trillion yuan (6.27 trillion U.S. dollars), data from the National Bureau of Statistics (NBS) showed Monday.

BEIJING, (UrduPoint / Pakistan Point News / WAM - 17th Jul, 2018) China's gross domestic product expanded 6.8 percent year on year in the first half of 2018 to about 41.90 trillion Yuan (6.27 trillion U.S. Dollars), data from the National Bureau of Statistics (NBS) showed Monday.

The pace was well above the government's annual growth target of around 6.5 percent, China news agency Xinhua reported, citing the NBS.

In Q2, China's GDP rose by 6.7 percent year on year, slightly lower than the 6.8 percent from the previous quarter but representing the 12th straight quarter that GDP growth rate has stayed within the range of 6.7 to 6.9 percent, according to NBS data.

China's economy expanded 6.9 percent in 2017, picking up the pace for the first time in seven years.

NBS spokesman Mao Shengyong told a press conference that the Chinese economy has been running soundly in the first six months, offering "a good start" for the country's pursuit of high-quality development with further restructuring progress and improved economic quality and efficiency.

The service sector expanded 7.6 percent year on year in H1, outpacing a 3.2-percent increase in Primary industry and 6.1 percent in secondary industry, according to NBS.

Consumption continued to play a more prominent role in driving growth, with final consumption contributing to 78.5 percent of the economic expansion in January-June, up from 77.8 percent in Q1 and 58.8 percent last year.