This is the weakest growth since quarterly records began in 1992.
Growth was 6.8% in the last quarter of 2008 and economists had forecast about 6.3% amid the global collapse in trade.
China's government has said it is determined to achieve annual growth of 8%, seen as necessary to maintain employment and forestall unrest.
The continued fall in growth underlined the impact of the world economic slowdown on one of its largest economies, analysts said.
But other data offered by the government suggested recovery may already be under
Staff from the National Bureau of Statistics (NBS) said that export demand had dropped sharply, cutting into company profits, reducing government revenues and raising unemployment.
"The national economy is confronted with the pressure of a slowdown," an NBS statement said.
China experienced double-digit growth from 2003 to 2007, and recorded 9% growth in 2008.
Analysts said the first-quarter drop in growth was in line with expectations.
Recovery?
It has started to implement a 4 trillion yuan ($585bn, £390bn) stimulus package to counter the impact of the global slowdown, which has been seen as helping to spur lending in the first three months of the year.
"The overall national economy showed positive changes, with better performance than expected," the NBS said.
It said that urban per-capita incomes were up 11.2% from a year earlier in real terms and that rural per-capita incomes were up 8.6%.
The consumer price index (CPI), China's main gauge of inflation, fell 0.6% in the first quarter of 2009 from a year earlier, according to the bureau.
Industrial output expanded 5.1% in the first quarter, while in March it increased by 8.3%, the government said, after rising 12.9% in all of 2008.
Wednesday, April 15, 2009
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment